₦airaland Forum

The federal government has announced the establishment of an N200bn Consumer Credit Corporation aimed at funding Nigerians’ credit purchases in the wake of economic hardship.


President Bola Tinubu unveiled the plan on Sunday in his ‘State of Nation’ address after hunger led to a nationwide protest with a major theme: #Endbadgovernance.

But Tinubu maintained that floating the naira and removing fuel subsidy were necessary, adding that the government has made plans for palliatives.

According to him, since the removal of subsidy and floating the naira, aggregate government revenues more than doubled, hitting over N9.1tn in the first half of 2024 compared to the first half of 2023.

Tinubu said, “I encourage more of our vibrant youth population to take advantage of this opportunity. We established the Consumer Credit Corporation with over N200bn to help Nigerians to acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions.

This week, I ordered the release of an additional N50bn Naira each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC.”

Tinubu revealed that the government has released N570bn to state governors to support citizens.

“More than N570bn has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefitted from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit,” Tinubu said.

He said 75,000 beneficiaries have been processed to receive N1m Micro and Small Business single-digit interest loans which will commence this month.

According to the president, large-scale manufacturers are receiving N1bn low-interest loans to boost manufacturing.

We have also built 10 MSME hubs within the past year, created 240,000 jobs through them and 5 more hubs are in progress which will be ready by October this year.

“Payments of N1bn each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth,” he added.

He's doing his best. The North should stop protesting, by the way, they massively voted Muslim-Muslim ticket in the last presidential election, thinking that it would bring them heaven on earth while the Christians would perish perpetually. But God cannot be mocked. God fights for His people.

The SW, specifically, those who equally voted Muslim-Muslim ticket, should stop blaming the East for their woes. If not for the government- induced insecurity in the East, Nigeria would be flooding there by now for succour and peace.

We hope for peace in the East and to all those who love Nigeria in truth.

Make my governor send my share to my Opay asap

Ok

That's a commendable move by the president. Tackling hunger should always be a priority, and it's good to see him taking action. Let's hope the governors put this fund to good use for the people.

atiku4President:
He's doing his best

I agree with you but you and I know that, if Tinubu himself is a governor right now, he will share at least 70% to his loyalists and party members while the rest goes to the public with much publicity. From Tinubu to councillors, they are very wicked people. He can't turn the whole country to IDP camp abeg.

Ybholy:
Make my governor send my share to my Opay asap

Hhb

shafykay:
The federal government has announced the establishment of an N200bn Consumer Credit Corporation aimed at funding Nigerians’ credit purchases in the wake of economic hardship.


President Bola Tinubu unveiled the plan on Sunday in his ‘State of Nation’ address after hunger led to a nationwide protest with a major theme: #Endbadgovernance.

But Tinubu maintained that floating the naira and removing fuel subsidy were necessary, adding that the government has made plans for palliatives.

According to him, since the removal of subsidy and floating the naira, aggregate government revenues more than doubled, hitting over N9.1tn in the first half of 2024 compared to the first half of 2023.

Tinubu said, “I encourage more of our vibrant youth population to take advantage of this opportunity. We established the Consumer Credit Corporation with over N200bn to help Nigerians to acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions.

This week, I ordered the release of an additional N50bn Naira each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC.”

Tinubu revealed that the government has released N570bn to state governors to support citizens.

“More than N570bn has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefitted from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit,” Tinubu said.

He said 75,000 beneficiaries have been processed to receive N1m Micro and Small Business single-digit interest loans which will commence this month.

According to the president, large-scale manufacturers are receiving N1bn low-interest loans to boost manufacturing.

We have also built 10 MSME hubs within the past year, created 240,000 jobs through them and 5 more hubs are in progress which will be ready by October this year.

“Payments of N1bn each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth,” he added.

this governors are also a major part of our problem in Nigeria.

📌📌

Dsimmer:
That's why every idiot wailing should go hold the governors in their region. The governors are not elected to act as Barbie doing nothing for their region. So go and hold your own leaders in your own region📌

Personally, I don't see why a governor can't invest in large scale mechanised farming. They've got the resources and mechanical machineries to make things easier. If a governor isn't embarking on basic thing such as large scale mechanised farming combined with agro industry and animal husbandry, I don't see the reason why he should be there in the first place.

Tinubu is really making moves to alleviate hunger and boost the economy. The release of N570bn to governors shows a commitment to supporting citizens directly. It's a bold step towards a more prosperous Nigeria, and I believe this will yield positive results in the long run.

The money that will not get to the poor.

National cake for politicians

Salewa97:
Tinubu is really making moves to alleviate hunger and boost the economy. The release of N570bn to governors shows a commitment to supporting citizens directly. It's a bold step towards a more prosperous Nigeria, and I believe this will yield positive results in the long run.

Chat gpt

I have observed this trend.

This has been their strategy lately.

Shift the buck and the blame on the state Governors.

As if they did the same for Jonathan.

They keep on emphasizing how the revenue to the State governors have improved but fail to emphasize also that the revenue to the FG has impoved tremendously.

The old man at Aso Rock with his praise singers and assss kissers should stop persuading us that subsidy removal was a brave act.

Hell NO it wasn't!

It was a callous and demonic and insensitive act.

A brave act would be to reintroduce subsidy and thereafter fight the subsidy cabal.

Arrest Prosecute and Jail.


Now that would be a brave act!


If you open you mouth waaaa and be shouting "subsidy is gone" but cannot get even One refinery functional then you must bury your face in SHAME.

This man does not understand that taking subsidy away and giving the money to governors is a dead on arrival move. .governors a more bigger thieves .....


He needs to established a more efficient subsidy system that everyone will naturally enjoy.....either tru health care, subsidy on essential products, education etc....sharing money for governors is a failed move...

When 36 states share it .it becomes change these governors use to build houses and buy cars for themselves and their girl friends ... They will only use a few millions to buy palliatives as usual

advanceDNA:
This man does not understand that taking subsidy away and giving the money to governors is a dead on arrival move. .governors a more bigger thieves .....


He needs to established a more efficient subsidy system that everyone will naturally enjoy.....either tru health care, subsidy on essential products, education etc....sharing money for governors is a failed move...

When 36 states share it .it becomes change these governors use to build houses and buy cars for themselves and their girl friends ... They will only use a few millions to buy palliatives as usual

You make sense, Subsidy is gone forever

Dsimmer:
📌📌

Every time hold govs accountable. Pls explain to us how you hold the gov in your state accountable

At least he's doing something substantial instead of just playing the role of a silent spectator. Meanwhile, what’s Peter Obi doing? Still trying to sell his “Obidient” narrative to a crowd that has moved on.

Who will hold the governors accountable? Who will ensure it gets to the people? Thank you for subsidizing your governors' extravagant lifestyles, knowing that that amount will not reach the people!

Salewa97:
Tinubu is really making moves to alleviate hunger and boost the economy. The release of N570bn to governors shows a commitment to supporting citizens directly. It's a bold step towards a more prosperous Nigeria, and I believe this will yield positive results in the long run.

Fools everywhere. Continue

Chai! Doing same to and you expect different results.
All the monies, palliative and grains you've released to the governors to tackle poverty in the past, where did it go? Its either the governors loot the monies or they store those grains using them to campaign during election. And the president is still doing it again.
Now I believe African leaders are bad and cursed, I don comot hand for any Nigerian politician, cos they are unserious element

Over to you governors, come and debunk it

This is what I don't get about Nigerians and these misguided protesters.

The FG and states share money every month, the FG takes its share to maintain FG obligations and the state takes its share in the form of allocations to take care of their citizens at the state level including LGs.

The states collect allocations to take care of you and your needs, it's their job to promote agriculture (Northern Governors are doing this with ease) also to build roads, hospitals, and schools, provide clean drinking water, lobby for investments and create jobs, these are the responsibilities of the state governments, but since they don't teach civic education in Nigeria, the average Nigerian think everything is the responsibility of the FG.

The governors fly under the radar and they are invisible to their subjects and their clueless subjects are so obsessed with the FG that the governors get away with everything and their money.

Your number 1 and primary problem is your governor.

ddippset:
I have observed this trend.

This has been their strategy lately.

Shift the buck and the blame on the state Governors.

As if they did the same for Jonathan.

They keep on emphasizing how the revenue to the State governors have improved but fail to emphasize also that the revenue to the FG has impoved tremendously.

The old man at Aso Rock with his praise singers and assss kissers should stop persuading us that subsidy removal was a brave act.

Hell NO it wasn't!

It was a callous and demonic and insensitive act.

A brave act would be to reintroduce subsidy and thereafter fight the subsidy cabal.

Arrest Prosecute and Jail.


Now that would be a brace act!


If you open you mouth waaaa and be shouting "subsidy is gone" but cannot get even One refinery functional then you must bury your face in SHAME.

Whose job is it to take care of you?

The monthly allocations your governors collect every month, what do you think it's for? Decoration or the governor's pocket money?

#EndBadCitizens.

sIfioksq:
That's a commendable move by the president. Tackling hunger should always be a priority, and it's good to see him taking action. Let's hope the governors put this fund to good use for the people.

this is the same thing that is destroying our economy. Stop giving free money

Tinubu is really stepping up! N570bn for governors and a new Consumer Credit Corporation? This is the kind of leadership we need to tackle hunger and support our youth. Let's keep the momentum going!

Ybholy:
Make my governor send my share to my Opay asap

If that money is shared equally, each governor gets about N15 billion. Given the level of inflation we have in the country today, that money is nothing. If a state whose population is 5 million shares the money, each person gets #3k. Can 3k even buy a tuber of yam on the market? Leaders without creativity like Tinubu have destroyed this country.

Audio releases.

SmartPolician:
If that money is shared equally, each governor gets about N15 billion. Given the level of inflation we have in the country today, that money is nothing. If a state whose population is 5 million shares the money, each person gets #3k. Can 3k even buy a tuber of yam on the market? Leaders without creativity like Tinubu have destroyed this country.

If invested in Agriculture, that money is huge. It is collect and spend mentality that is killing the whole system. We collect and import. No production to add value or extract value from Nature. We want to make the whole world our slaves by using printed cash to buy everything they work hard to produce.

Philipponzaghi:
Tinubu is really stepping up! N570bn for governors and a new Consumer Credit Corporation? This is the kind of leadership we need to tackle hunger and support our youth. Let's keep the momentum going!

hunger is synonymous to lack. We can easily print money but cannot print things.

What a fantastic move by TINUBU! This release of N570bn to governors is a significant step towards addressing hunger and improving the lives of many Nigerians. Those criticizing will soon realize that this administration is serious about uplifting the nation. Let's see how the governors utilize this opportunity to make a real difference!