Loan Opportunities for Nigerians Mentioned by President Bola Tinubu
President Bola Tinubu has anchored much of his administration’s economic strategy on credit access. From student loans to consumer credit, youth empowerment schemes, and interest-free loans for public workers, the government has rolled out initiatives aimed at making financing easier for Nigerians across sectors.
The goal, according to Tinubu, is to “end financial exclusion” and “create a credit economy that works for ordinary citizens.” Yet, with each announcement, questions around accessibility, implementation, and sustainability continue to surface.
Below is a breakdown of the key loan schemes Tinubu has launched or highlighted since assuming office.
Nigerian Education Loan Fund (NELFUND)
Signed into law in June 2023, the Nigerian Education Loan Fund (NELFUND) is one of the flagship social policies of Tinubu’s government. It provides interest-free student loans to undergraduates in public institutions, with both tuition fees and upkeep allowances covered.
Government figures show more than 500,000 students have benefited so far, including about 275,000 in Northern Nigeria. A total of ₦99.5 billion has been disbursed, with ₦44.7 billion dedicated to upkeep allowances alone.
- Who Can Apply: Nigerian citizens enrolled in federal and (soon) state public tertiary institutions.
- What It Covers: Tuition (paid directly to schools) and upkeep (sent to student accounts).
- Repayment: Begins two years after NYSC, with 10% of monthly income deducted automatically if employed.
- How to Apply: Register via portal.nelf.gov.ng with BVN, NIN, and school details.
Critics note that while the scheme has expanded access, Nigeria’s private university students, who face some of the highest tuition bills, remain excluded.
CrediCorp: Consumer Credit Scheme
Launched in April 2024, CrediCorp is the administration’s flagship consumer credit programme. Tinubu has described it as “a tool to help Nigerians live better lives without waiting to save for decades.”
So far, over 153,000 Nigerians have accessed ₦30 billion under the scheme. Loans are offered at reduced, single-digit interest rates, making them far cheaper than commercial bank lending.
- Who Can Apply: Nigerians aged 18 and above with BVN, NIN, and proof of income.
- What It Covers: Cars, solar systems, household upgrades, digital gadgets, and personal projects.
- Repayment: Monthly installments over 6–36 months.
- How to Apply: Visit credicorp.ng or through accredited banks.
Economists say CrediCorp could stimulate middle-class consumption if scaled effectively, but warn that repayment defaults could become a challenge in a weak economy.
YouthCred: Loans for Young Nigerians
Unveiled in July 2025, YouthCred focuses on Nigerians aged 18–39, with priority for NYSC members. Unlike traditional bank loans, no collateral is required; instead, applicants must complete a digital literacy module before qualifying.
Beneficiaries can access ₦5,000 to ₦5 million, with first-time applicants typically starting at ₦50,000. NYSC members get special packages of ₦100,000–₦150,000.
- Who Can Apply: Young Nigerians, particularly corps members.
- What It Covers: Resettlement after NYSC, business ideas, and personal needs.
- Repayment: Small deductions spread across the service year or later.
- How to Apply: Through youthcred.com.
So far, thousands of corps members have signed up. The scheme is positioned as an entry point into the credit system for young adults.
MSME and Business Loans
Recognising the struggles of small businesses, Tinubu launched a ₦125 billion fund in 2023 to support MSMEs and nano-enterprises. Of this, ₦75 billion was earmarked for single-digit loans through the Bank of Industry.
Over 75,000 small businesses have already received up to ₦1 million each for expansion, stock purchase, and job retention.
In 2025, government also unveiled the National Credit Guarantee Company (NCGC), backed with ₦100 billion, to de-risk SME loans and encourage banks to lend more freely.
- Who Can Apply: Small business owners in the informal and formal sector.
- What It Covers: Business expansion, equipment, stock.
- How to Apply: Via the BOI or participating banks.
Industry watchers say this fund, if fully transparent, could be a lifeline for Nigeria’s struggling informal economy.
Interest-Free Loans for Federal Workers
As part of a welfare package, Tinubu in 2025 announced interest-free loans of up to ₦10 million for federal civil servants, including lecturers and other public sector employees.
- Who Can Apply: Federal workers with verifiable employment.
- What It Covers: Housing, personal needs, or family support.
- Repayment: Five years, with a 12-month grace period.
Labour unions welcomed the plan but called for its expansion to state workers, many of whom face delayed salaries.
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