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Tinubu’s CREDICORP to Transform Nigeria’s Economy – Presidency

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By Emmanuel Obodo

President Bola Ahmed Tinubu has proposed a comprehensive consumer credit system aimed at reviving Nigeria’s economy, with the goal of improving financial access for millions of Nigerians. This daring action is part of the government’s overall aim to boost economic growth, encourage entrepreneurship, and empower people through increased purchasing power.

The proposal was highlighted in a recent opinion piece by Dada Olusegun, Special Assistant to the President on New Media. He emphasized that one of President Tinubu’s central campaign promises during the 2023 presidential election was to introduce a consumer credit scheme. This scheme aims to provide working Nigerians with easier access to credit for essential goods and services, thereby alleviating the financial strain of making substantial lump-sum payments for necessities such as housing, vehicles, and other significant expenses.

Olusegun elaborated on the potential impact of the consumer credit scheme, stating, “President Tinubu’s initiative has the power to transform Nigeria’s economy by broadening access to affordable credit. The goal is to reach 50% of Nigeria’s working population by 2030, which translates to approximately 36 million Nigerians benefiting from this program. This expanded access to credit is expected to boost their purchasing power and, in turn, support the growth of small-scale businesses across the nation.”

He further explained that facilitating access to affordable credit could trigger a multiplier effect within the economy. “This increased availability of credit can lead to heightened demand for goods and services, enhanced productivity, and the creation of more job opportunities. For example, if more Nigerians can afford to invest in solar panels or Compressed Natural Gas (CNG) conversion kits through CREDICORP’s credit offerings, it would not only stimulate growth in related industries but also help reduce household energy costs.”

The consumer credit initiative also aims to combat the detrimental effects of predatory lending practices prevalent in Nigeria’s financial landscape. Olusegun highlighted that the entry of CREDICORP into the consumer credit market could significantly disrupt the operations of existing digital loan apps, which have been notorious for exploiting users through exorbitant interest rates and aggressive lending tactics. Many of these loan apps charge interest rates as high as 33% per month, resulting in an annual rate exceeding 300%, which is vastly higher than the traditional bank loan rates of approximately 27.25% per annum.

In stark contrast, CREDICORP plans to offer interest rates ranging from 2-4% per month, translating to an annual maximum of 22%. This competitive pricing presents a more affordable option for credit seekers, potentially transforming the lending landscape in Nigeria. If CREDICORP opens its services to all working Nigerians, beyond just civil servants, it could force many of these predatory lenders out of the market or compel them to lower their interest rates to remain competitive.

Abuja Reports

Atoyebi Adewumi Wins 4th National Essay Competition, Beats 2,000 Contestants

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By Samson Adeyanju

Atoyebi Adewumi has emerged winner of the fourth edition of the National Essay Competition, beating more than 2,000 contestants in an intellectual contest aimed at promoting academic excellence, critical thinking and creative writing among young Nigerians.

The competition, which focused on the relevance of taxation to national development, challenged participants to examine the role of tax revenue in financing public services, stimulating economic growth and strengthening the relationship between government and citizens.

The initiative provided a platform for young Nigerians to demonstrate their writing skills, articulate informed perspectives on national issues and contribute ideas towards building a more responsible and progressive society.

Speaking after being declared winner, an elated Adewumi expressed gratitude to the convener, Foluso Sylvanus Ojo, and the organising team for providing young Nigerians with an opportunity to showcase their intellectual abilities.

“I am so glad, very, very glad, to have this privilege of emerging as the winner. I am grateful to the convener and the entire team, as well as everyone who supported this vision,” Adewumi said.

In his remarks, Ojo expressed concern over the tendency to criticise the attitudes and lifestyles of younger generations without providing adequate opportunities to nurture their talents and channel their energies towards productive pursuits.

He called on the government, corporate organisations and nongovernmental organisations to invest more in educational initiatives that promote intellectual excellence, creativity and responsible citizenship.

According to him, sustained investment in academic competitions and youth development programmes would encourage discipline, innovation and a stronger commitment to national development.

Drawing a comparison with the substantial cash prizes awarded in some reality television competitions in Nigeria, Ojo argued that students and intellectually gifted young Nigerians deserved greater recognition, financial support and encouragement.

“I believe the government should support initiatives like this because individuals need supportive hands, especially from the government. When they receive such support, they become more confident and motivated to continue their good work,” he said.

Ojo maintained that society could not continue to complain about the attitudes and lifestyles of young people without deliberately investing in programmes that encourage positive values and productive engagement.

The fourth edition of the competition also underscored the importance of tax awareness among young Nigerians, highlighting how effective taxation, transparency and accountable governance could contribute to improved infrastructure, education, healthcare and other essential public services.

Beyond celebrating the winner, the competition reinforced the need to identify, encourage and empower emerging intellectual talents capable of contributing meaningfully to Nigeria’s development.

Winner of the 5,000,000 naira

Winner of 3,000,000 naira

Winner of 2,000,000

All the participants 

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Abuja Reports

20 Finalists Begin Final Stage of National Essay Competition

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By Samson Adeyanju

Twenty finalists from across Nigeria have begun the final stage of the fourth edition of the National Essay Competition in Abuja, following an orientation session designed to prepare them for the decisive examination.

The finalists arrived in the Federal Capital Territory for a four-day, all-expenses-paid programme featuring the essay examination, institutional tours and opportunities for learning and networking.

The competition, the brainchild of Mr Foluso Ojo, is sponsored by the Nigeria Revenue Service (NRS).

Ahead of the examination, the finalists participated in an orientation session led by Professor Omotosho Borisade of Ekiti State University, who serves as the competition’s umpire.

The session familiarised participants with the competition’s rules and regulations, examination guidelines and assessment criteria, helping them understand the requirements of the final stage.

The essay examination is scheduled to begin today at 9 a.m., after which the finalists are expected to embark on institutional tours around Abuja.

The programme is designed to extend beyond the contest itself, exposing the finalists to new learning opportunities, professional connections and experiences in the nation’s capital.

The competition brings together young Nigerians to demonstrate their writing ability, knowledge, creativity and critical-thinking skills as they compete for the top honours.

With the finalists prepared for the examination, attention now turns to their performance and the eventual emergence of the competition’s champion.

 

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Pastor Ogundipe Decries Lack of Integrity Among Educated Nigerians

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By Samson Adeyanju

Pastor Alex Ogundipe, Chairman of the Governing Board of Christian Heritage International Bible College, Kubwa, Abuja, has expressed concern over the growing number of educated Nigerians who lack the character and integrity required to make meaningful contributions to society.

Ogundipe raised the concern during the matriculation ceremony of the institution’s 60 pioneer students, stressing that academic qualifications without moral discipline and upright character could undermine national development.

According to him, Nigeria has many knowledgeable and academically accomplished individuals whose inability to demonstrate integrity has negatively affected their contributions to their families, workplaces and communities.

“We have too many people in this country who are knowledgeable and wise in their own ways, but they do not have character and integrity. That affects their ability to impact their communities,” he said.

The cleric emphasised that education must go beyond the acquisition of certificates to the development of individuals who demonstrate honesty, accountability, faithfulness and commitment to serving humanity.

He explained that true integrity required consistency in personal conduct, whether at home, in the church, at work or within the larger society.

Ogundipe said the college was established not merely to impart biblical knowledge but to raise men and women whose lifestyles reflect Christian values and whose contributions would positively influence society.

He urged Christian leaders to demonstrate their faith through practical actions rather than mere religious declarations.

Speaking on Nigeria’s future, the cleric encouraged citizens to remain hopeful, pray for the country and contribute meaningfully to national peace, unity and development.

Earlier, the Rector of the institution, Pastor Samson Olukayode Aliyu, challenged the matriculating students to prioritise spiritual maturity and moral discipline alongside academic excellence.

Aliyu warned against examination malpractice, plagiarism, dishonesty and other forms of misconduct, stressing that academic certificates could demonstrate knowledge but could not substitute for good character.

“The Church does not only need gifted people; it needs godly people. We need leaders who will choose integrity over compromise, humility over pride, faithfulness over convenience and service over self-interest,” he declared.

He explained that the college offers six-month certificate programmes in theology and one-year diploma programmes in theology, leadership and prophetic studies.

One of the matriculating students, Akeem Omobolanle, who enrolled in the Diploma in Leadership programme, commended the institution’s approach to biblical education and expressed optimism that the training would strengthen his understanding of the Scriptures and prepare him for greater service in Christian ministry.

The ceremony marked the formal admission of the college’s pioneer students into its academic community.

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