FG Set to Roll Out Household Loans for Nigerians With ₦80bn Consumer Credit Fund

The Federal Government has proposed an ₦80 billion Consumer Credit Fund in the 2026 budget to support household loans for Nigerians. The proposal is aimed at expanding access to affordable consumer credit for working individuals and families, especially at a time when rising living costs continue to place pressure on household finances.

Rather than offering direct cash transfers, the government plans to use the fund to strengthen lending through regulated financial institutions. Banks, fintech companies, cooperatives and other licensed lenders will provide the loans under the framework of the Nigerian Consumer Credit Corporation, a Federal Government-backed institution created to drive the development of consumer credit across the country.

The Consumer Credit Fund is expected to support loans for essential household needs such as education, healthcare, household items and other basic expenses. By providing wholesale funding, guarantees and risk-sharing support to participating financial institutions, the scheme is designed to make consumer loans more accessible and affordable for Nigerians.

The proposed ₦80 billion allocation for 2026 follows earlier government funding that supported the launch of the consumer credit programme. The latest proposal suggests a continuation of government support, with a focus on scaling lending infrastructure and deepening access to credit nationwide.

If approved by the National Assembly, the Consumer Credit Fund could reduce Nigerians’ reliance on informal and high-interest borrowing, improve financial inclusion and help households better manage essential expenses while contributing to broader economic activity.