President Bola Tinubu has announced that 100,000 Nigerians, including 35,000 civil servants, have benefited from his administration's consumer credit scheme through the Nigerian Consumer Credit Corporation (CREDICORP) over the past year.

The President made this revelation during his Democracy Day address to the joint session of the National Assembly on Thursday, where he outlined several economic achievements of his administration.

Economic Growth and Stability

In his address, Tinubu highlighted that Nigeria recorded its highest quarterly Gross Domestic Product (GDP) growth in over a decade, reaching 4.6 percent in the fourth quarter of 2024, with an overall growth of 3.4 percent for the year.

"We are already seeing results. GDP grew by 3.4 percent in 2024, with Q4 hitting 4.6 percent, the highest quarter of growth in over a decade," the President stated.

He also noted that inflation, which stood at 23.7 percent in April, is showing signs of easing with a decline in the prices of essential food items such as beans and rice. Additionally, the President emphasized that the naira has demonstrated stability with a fivefold increase in external reserves, despite trading at N1539 per dollar on Wednesday.

Consumer Credit Impact

The consumer credit scheme, implemented through CREDICORP, has enabled beneficiaries to purchase vehicles, improve their homes, and acquire essential items, according to the President.

"In less than one year, over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes, and purchase life essentials," Tinubu explained.

Democracy Day Honors

As part of the Democracy Day celebrations marking Nigeria's 26 years of democratic governance, President Tinubu honored several notable Nigerians with posthumous national awards, including Kudirat Abiola and Shehu Musa Yar'Adua.

In a related development, the President also granted full presidential pardon to Ken Saro-Wiwa and eight other Ogoni activists, a move widely seen as addressing historical injustices.

The Democracy Day address comes as the administration continues to implement economic reforms aimed at stabilizing the economy and improving the living conditions of Nigerians.

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