Claim
A Facebook post by Legit.ng claims that the Nigerian Consumer Credit Corporation (CREDICORP) and the Federal Government have announced plans to provide ₦45.2 billion in consumer credit to 500,000 Nigerians to enable them to purchase items such as cars, smartphones, laptops, household appliances and other essential goods.
Why We Checked
The claim attracted significant engagement on Facebook, recording 93 likes, 53 comments and two reshares at the time of this fact-check. Given the level of public interest and the importance of government loan schemes, HaltFake verified the claim to determine its accuracy.
What We Found
The Nigerian Consumer Credit Corporation (CREDICORP) is a Federal Government-backed institution established to expand access to consumer credit for Nigerians. The initiative aims to help eligible citizens purchase essential goods and services through affordable credit while promoting financial inclusion and stimulating economic growth.
Multiple credible media reports confirm that the Federal Government plans to disburse ₦45.2 billion in consumer credit to 500,000 Nigerians before the end of the year.
A report by The Punch entitled “How to apply for FG’s loan for laptops, smartphones, others,” explains that eligible Nigerians can access consumer loans for items including laptops, smartphones and other household needs through CREDICORP’s approved financial partners. The report also outlines the application process and eligibility requirements.
Similarly, The Nation reported that the Federal Government is targeting 500,000 beneficiaries by December, with the programme expected to improve access to affordable credit and deepen consumer financing across Nigeria.
The reports are consistent with the information released by Legit.ng regarding the expansion of its consumer credit programme; cars and houses are not part of what the approved loans are for, as claimed by Legit.ng
Verdict
Misleading.
The claim that the Federal Government, through CREDICORP, plans to provide ₦45.2 billion in consumer credit to 500,000 Nigerians to facilitate the purchase of cars, smartphones, laptops and other essential items is misleading. The programme is to facilitate smartphones, laptops, Internet connectivity, and knowledge devices, and this is supported by credible reports from The Punch and The Nation.
Also, the programme is part of the Federal Government’s consumer credit initiative aimed at expanding access to affordable financing for eligible Nigerians.
