The Federal Government has proposed ₦80 billion to support access to consumer loans for Nigerians, according to details contained in the 2026 budget proposal presented under the Consumer Credit Fund.
The proposal, listed as a capital allocation, is aimed at expanding structured consumer credit for individuals and households, rather than direct cash transfers. The funding is designed to support lending through regulated financial channels as part of broader efforts to improve financial inclusion and household resilience.
Budget documents indicate that the Consumer Credit Fund is aligned with the framework of the Nigerian Consumer Credit Corporation (CrediCorp), the Federal Government-backed institution established to drive the development of consumer credit across Nigeria.
CrediCorp was introduced to address the country’s limited access to formal consumer credit, where many Nigerians depend on informal borrowing or high-interest loans. Under its model, the corporation provides wholesale funding, guarantees and risk-sharing support to banks, fintech companies, cooperatives and other financial institutions, enabling them to offer consumer loans on more accessible terms.
The ₦80 billion allocation proposed for 2026 follows an earlier ₦100 billion provision in the 2024 budget, which supported the launch and initial rollout of the consumer credit scheme. The latest proposal suggests a continuation of government support for the programme, with an emphasis on scaling lending infrastructure and deepening credit access.
According to the budget proposal, the Consumer Credit Fund is intended to support loans for working Nigerians and households, including credit for education, healthcare, household needs and other essential expenses. The initiative aims to reduce reliance on informal lending and improve participation in the formal financial system.
The capital nature of the allocation indicates that the funds would be used to support lending mechanisms, credit infrastructure and on-lending arrangements, rather than cover recurrent operational costs.
The proposal comes at a time of sustained economic pressure on households, increasing demand for affordable and well-structured credit options. If approved by the National Assembly, the ₦80 billion Consumer Credit Fund would reinforce the government’s use of consumer credit as a policy tool to support households and stimulate broader economic activity.
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