President Bola Tinubu has disclosed that the National Credit Guarantee Company has guaranteed N46.95 billion in loans to Nigerian borrowers across the country. In a post on his verified X handle, @officialABAT, the president said 67,512 borrowers across 25 states and the Federal Capital Territory have so far accessed credit backed by the NCGC, including 11,374 women. He noted that 33.5 per cent of the beneficiaries are first-time formal borrowers, bringing more than 22,000 Nigerians into the formal credit system for the first time. The president explained that the NCGC has issued N21.59 billion in guarantees, enabling participating financial institutions to extend N46.95 billion in loans, meaning every N1 in guarantees has helped unlock about N2.17 in credit.
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