The upcoming N100 billion consumer credit loan initiative will be unveiled by the Nigerian government shortly, revealed Zacch Adedeji, Chairman of the Federal Inland Revenue Service.
Adedeji made this statement during a visit to the Revenue House in Abuja by the management team of Guinness Nigeria Plc, led by CEO Adebayo Alli.
The Chairman emphasized that the credit scheme, aimed at easing economic challenges for Nigerians, will be introduced in the coming days for the benefit of consumers.
“The launch of the consumer credit scheme is imminent, which will lay the groundwork for the products you offer,” Adedeji shared through his media aide, Dare Adekanmbi.
Addressing the necessity of such a scheme in a country of Nigeria’s economic magnitude, he stressed the importance of providing consumers with access to credit for essential purchases, allowing them to have disposable income for other needs, like leisure activities.
Notably, in the 2024 Appropriation bill, the government set aside N100 billion for the consumer credit program, as stated by Minister of Budget and National Planning, Sen. Atiku Bagudu, on March 14th, 2024.
“Allocating N100 billion for consumer credit is crucial as it helps address the challenges faced by the manufacturing industry, including production efficiency and securing buyers,” Sen. Atiku Bagudu emphasized.
It is worth mentioning that President Bola Ahmed Tinubu signed the N28.7 trillion national budget for the year 2024 into law on January 1st.