Good News: Tinubu Govt Announces Plan To Give Nigerians Money for Car Purchases

• The Tinubu administration has expressed readiness to facilitate car ownership for Nigerians, along with other vital products
• The initiative will help provide accessible financing options in collaboration with financial institutions and automobile manufacturers
• There is also optimism that the support expected from the government will aid in the growth of made-in-Nigeria cars

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

President Bola Ahmed Tinubu has revealed that his administration is working on providing consumer credits for Nigerians to purchase cars.

The initiative will be part of the newly approved consumer credit policy, which set aside about N100 billion to aid workers purchase cars and other vital products.

Tinubu plans to help Nigerians own a car

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Providing details on the plans, Ajuri Ngelale, the presidential spokesman, said the president dropped the hint when he received the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association, led by Doris Uzoka-Anite, Minister of Industry, Trade and Investment recently.

He noted that the president also promised to facilitate the speedy passage of the proposed legislation to drive the automotive industry in Nigeria.

However, he implored that locally manufactured vehicles should be of the highest quality, stand the test of time, and complement the Federal Government’s efforts in revitalizing the industry.

BusinessDay quoted Ajuri saying:

“He also charged the associations to look into the possibilities of producing vehicles that would be affordable for all categories of Nigerians at a time when President Bola Tinubu is set to provide consumer credit for millions of Nigerians to purchase vehicles and other important goods and services”

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Consumer Credit Policy

In an earlier report, Legit.ng revealed that President Tinubu recently approved the launch of the federal government's Consumer Credit Scheme (CCS).

The CCS is intended to help Nigerians access goods and services upfront and pay for them in a fixed and organized manner later.

The scheme aims to remove structural, market, and policy barriers, and to increase access to consumer credit for 50% of working Nigerians by 2030.

The first phase of the scheme will begin in May 2024 and will include federal and state civil servants, white-collar workers, and informal workers with traceable cash flows.

The second phase will begin in May 2025 and will be open to the general public.

FG gives update on student loan

Legit.ng reported that the federal government of Nigeria will open the website for the much-anticipated student loan soon.

As reported by Premium Times, the opportunity was supposed to kick off in January (2024).

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The minister of state for education, Yusuf Sununu, said the January 2024 date for the take-off of the student loan was still in place.

Source: Legit.ng