11,000 Beneficiaries Receive N3.5 Billion from Consumer Credit Scheme, Says Minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that over 11,000 beneficiaries have accessed N3.5 billion through the government’s consumer credit scheme within just five days. This update was provided during a press briefing following the National Economic Council meeting chaired by Vice President Kashim Shettima in Abuja.

Edun emphasized the government’s commitment to easing the economic hardships faced by Nigerians due to subsidy removal and ongoing policy reforms. He highlighted President Bola Tinubu’s focus on supporting the poor and vulnerable populations in society.

“The Consumer Credit Scheme is designed to allow workers to make purchases over time, facilitating access to essential goods, including Compressed Natural Gas (CNG) kits, which enable vehicles to operate on a more affordable fuel source,” Edun explained. He noted that the rollout of the scheme aims to enhance affordability for workers.

Additionally, the minister reported on the ongoing CNG initiative aimed at providing cheaper fuel options for both mass transit and personal vehicles. He shared encouraging news regarding the government’s capacity to invest in critical public sectors and infrastructure, stating that resources for these initiatives have increased.

Edun detailed a new strategy that allows local refineries to purchase crude oil and sell petrol in Naira, establishing a foundation for market-driven pricing of petroleum products. This initiative has reportedly generated significant financial gains, estimated at between N600 billion and N700 billion per month since October, contributing to the Federation Account.

While acknowledging that the Nigerian National Petroleum Corporation (NNPC) may impose some charges, Edun asserted that the country is better positioned financially and that these improvements will continue as the government maintains its critical pricing reforms.

The minister also highlighted direct assistance measures for the public, including wage increases, a new minimum wage, and direct transfers to individuals listed on a verified social register. These initiatives have already benefitted approximately 5 million households and 25 million Nigerians, with payments being made digitally through bank accounts or mobile wallets.

“The rollout of these payments has reached millions, empowering individuals to prioritize their spending,” Edun said. He underscored the ongoing need for society to support its most vulnerable members.

For micro enterprises, the minister announced that approximately N50 billion in grants has been disbursed, aiding around 90 percent of eligible businesses in obtaining necessary working capital.