FG Set to Introduce N100 Billion Consumer Credit, Says FIRS Boss

The Chairman of the Federal Inland Revenue Service, Zacch Adedeji, has revealed the imminent launch of Nigeria’s ambitious N100 billion consumer credit loan program, aimed at alleviating economic hardships across the nation.

Adedeji made this announcement during a meeting at the Revenue House in Abuja, where Guinness Nigeria Plc’s CEO, Adebayo Alli, and his management team were present. He emphasized that the credit scheme, set to be unveiled in the coming days, would significantly alleviate financial burdens for Nigerians.

In a statement by his media aide, Dare Adekanmbi, Adedeji underscored the importance of such a scheme in bolstering the economy, particularly in facilitating the purchase of essential goods. He highlighted its potential to stimulate consumer spending, benefiting various sectors including manufacturing.

This initiative follows the government’s proactive steps towards economic revitalization, as outlined by the Minister of Budget and National Planning, Sen. Atiku Bagudu, who confirmed the allocation of N100 billion for the consumer credit scheme in the 2024 Appropriation bill.

Bagudu emphasized the critical role of consumer credit in addressing challenges faced by the manufacturing sector, emphasizing the need to enhance both production efficiency and consumer purchasing power.

The unveiling of the consumer credit scheme comes in the wake of President Bola Ahmed Tinubu’s signing of the N28.7 trillion national budget for 2024 into law on January 1, signaling the government’s commitment to fostering economic growth and resilience.

With the launch of this innovative program, Nigeria aims to empower its citizens economically, paving the way for sustained prosperity and development across various sectors of the economy.