President Bola Ahmed Tinubu said participating lenders have extended N46.95 billion in loans through the National Credit Guarantee Company, NCGC.
Tinubu made this disclosure in a statement on his official X account on Monday.
According to him, NCGC has issued N21.59 billion in guarantees so far.
He stressed that the government-owned credit firm has 67,512 borrowers across 25 states and the Federal Capital Territory, with 11,374 of them being women.
“NCGC has issued N21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended N46.95 billion in loans.
“3.5 percent are first-time formal borrowers. For more than 22,000 Nigerians, this is their first entry into the formal credit system.
“They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure,” he stated.
