President Bola Ahmed Tinubu
President Bola Ahmed Tinubu has insisted on resetting the Nigerian credit system to ensure that cheap credits are made available to help Nigerian workers drive their dream cars and get cheap mortgages.
Tinubu also hinted that a robust credit environment is a tool that would aid his anti-corruption fight in the public service.
Tinubu revealed the plan in an interaction with BUA Chairman, Abdul Saad Rabiu, Tony Elumelu, the Chairman of Heirs Holdings, and other top foreign and local industrialists in the country, at the sideline of the United Nations General Assembly in New York.
Tinubu said in a video clip seen by News Direct that, “The other one that is coming that is purely anti-corruption is consumer credit. How do you expect (an applicant) to walk into an auto shop and pay cash for everything: for a brand-new Mercedes Benz without thinking of manipulating the system?
“But if we set up a good system for a huge amount of deposit from his or her salary and she can drive away with a good car, then you won’t look at manipulating your books.”
In May when the President read his inauguration speech, he said that monetary policy needs thorough housecleaning and called for cheap consumer credit.
“Interest rates need to be reduced to increase investments and consumer purchasing in ways that sustain the economy at a higher level,” Tinubu had said on May 29.
The founder/Registrar of the National Institute of Credit Administration (NICA), Prof. Chris Onalo, had also stressed the importance of a credit economy.
“No economy grows without the use of credit, and there is no example of any advanced society where credit is not in use. This is why your administration is taking these deliberate steps towards ensuring an enduring credit system within our economy to be managed by reputable credit professionals.
“We believe that a credit economy is capable of providing equal growth and participatory opportunities to all members of the society, ” Onalo had said.