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FG to Implement Unified Credit System for Nigerians Via NIN

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The Nigerian Federal Government will link citizens’ credit scores to their National Identification Numbers (NIN) to create a unified credit system, aiming to promote financial discipline and expand access to affordable credit

Nigeria Unified Credit System is on the horizon as the Federal Government prepares to roll out a landmark reform linking Nigerians’ credit scores directly to their National Identification Numbers (NIN). This initiative is designed to establish a unified and transparent credit system across the country.

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Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, announced the development at a State House media briefing in Abuja on Tuesday.

He stated the initiative aims to consolidate credit data from all financial institutions, including banks, fintechs, and microfinance providers, into a central national credit bureau.

“This marks a fundamental shift in how credit works in Nigeria. Your NIN becomes your financial anchor. Whether you’ve borrowed from a bank, micro-lender, or fintech, your record will be tracked and will carry consequences,” Nwagba stated.

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According to Nwagba, this move will build a national credit database, offering each citizen a credit profile shaped by their borrowing and repayment behavior.

He issued a warning that loan defaulters will soon face tangible consequences, including difficulty renewing passports, driver’s licenses, or securing housing. “There will be no hiding place,” he said.

All financial institutions, Nwagba added, will now be mandated to report credit activity. However, he clarified that the system is designed to encourage responsible borrowing without being punitive.

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“This is not about punishment. It’s about promoting discipline and rewarding financial responsibility,” he explained.

Nwagba revealed that the system will also incorporate financial and non-financial data to generate a comprehensive credit scoring algorithm for every Nigerian adult.

This marks a fundamental shift in how credit works in Nigeria. Your NIN becomes your financial anchor. Whether you’ve borrowed from a bank, micro-lender, or fintech, your record will be tracked and will carry consequences.

“The goal is simple: every Nigerian must have a credit score. Access to economic opportunities will be tied to how you manage your finances.”

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The broader objective, Nwagba noted, is aligned with President Bola Tinubu’s Renewed Hope Agenda, targeting improved living standards, reduced corruption, and industrial growth.

“This isn’t just about credit. It’s about giving people access to better lives. When people lack capital to meet their needs, they may resort to unethical practices. We’re changing that,” he said.

He added that the reform would also boost local production by tying credit facilities to the purchase of made-in-Nigeria goods, thereby stimulating demand, creating jobs, and supporting sustainable economic growth.

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Nwagba called on the private sector to actively support the initiative, stressing that Nigeria’s credit gap, estimated at ₦183 trillion, cannot be bridged by the government alone.

“No government can fund that level of credit. But with strong institutions and transparency, lenders will have more confidence, interest rates will fall, and Nigerians will have real access to affordable credit,” he said.

CREDICORP is also driving “YouthCred,” a new program aimed at extending structured credit to young Nigerians, especially members of the National Youth Service Corps (NYSC).

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“YouthCred is no longer an idea. It’s in motion. The systems are ready, and rollout is underway,” Nwagba confirmed.

Executive Director of Operations at CREDICORP, Olanike Kolawole, added that the program is designed to instill financial confidence and inclusion among youths aged 18 to 35.

“YouthCred is not just about loans, it’s about building a financially literate generation. As we expand, we’re ensuring young people have the tools and habits to succeed,” she said.

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Also read: Concessionary Autogas Pricing Framework launched to boost CNG mobility in Nigeria

Both officials stated that the credit-NIN integration is also expected to transform how citizens interact with public services and civic processes in Nigeria.

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Umahi Projects Lagos-Calabar Highway Completion by 2029

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David Umahi says the Lagos-Calabar Coastal Highway could be completed within three years, defending the project’s procurement and funding model

Minister of Works David Umahi has projected that the 750-kilometre Lagos-Calabar Coastal Highway will be completed within three years, potentially placing delivery around 2029 if the proposed timeline is achieved.

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Umahi gave the projection during an interview with Arise Television on Friday, October 23, while defending the Federal Government’s decision to prioritise major infrastructure projects despite concerns about the condition of existing federal roads.

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Asked when the entire highway would be completed, the minister said the administration was working towards delivering the project within the proposed period.

“We have four years plus by God’s special grace. So we are looking at three years,” he said.

Umahi linked his confidence in the timeline to his faith in President Bola Tinubu’s administration.

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“I believe that within the next three years plus, the president will be able to complete that project,” he added.

However, the minister did not provide a detailed construction schedule or completion dates for individual sections during the interview.

The 2029 timeframe therefore remains a projection rather than a confirmed delivery date.

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The minister also defended the procurement process for the Lagos-Calabar Coastal Highway, acknowledging that the contract was awarded without public bidding but insisting that the process was lawful.

“There was no public bidding, but there was direct procurement. It’s within the law. That’s all I’ve just said,” he stated.

The highway is one of the Federal Government’s flagship infrastructure projects, intended to improve connectivity between coastal communities and strengthen transport links along Nigeria’s southern corridor.

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Its construction has attracted debate over procurement procedures, project costs, funding priorities and the use of public resources, particularly as motorists continue to face deteriorating conditions on existing federal roads.

Defending his ministry’s broader infrastructure programme, Umahi said about 17,000 kilometres of federal roads were being constructed or reconstructed, excluding major legacy projects.

“Out of about 35,000 kilometres of our federal roads, the one that is before me in the Ministry of Works, if you remove the few legacy projects we are constructing, we are constructing 17,000 kilometres of roads presently,” he said.

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He added that the ministry had completed approximately 1,700 kilometres of roads since the administration took office, alongside more than six kilometres of flyovers, bridges and underpasses.

Umahi also argued that the government’s major legacy projects were not entirely new-road developments, saying some involved work on existing routes.

“I’ve said that the legacy projects are not entirely greenfield. And so that justification is that we are also reworking the existing roads within these four legacy projects,” he said.

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Umahi said the legacy projects were designed to attract investment, with 30 per cent of funding coming from federal government companies and 70 per cent being loan-driven.

“These legacy projects are investment-driven because 30 per cent is from companies of the federal government and 70 per cent is loan-driven,” he stated.

He cited growing congestion along the Lagos corridor as another reason for building the coastal highway, warning that traffic could worsen without intervention.

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“In the next five years, unless something is done in the corridor from VI to Lekki, it becomes, you know, a car park because of the congestion,” he said.

The minister also referred to plans for a seven-lane route as part of efforts to address traffic challenges in the area.

During the interview, Umahi defended a plan to engage 4,000 social media influencers to promote the administration’s projects, saying the initiative would be funded personally rather than through the Ministry of Works.

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“Dave Umahi is funding, not Minister of Works, is funding influencers to advertise what I’m doing because I believe in what I’m doing. I believe in what the president is doing,” he said.

He added that the campaign would also promote Tinubu’s achievements across the country.

“I am funding 4,000 influencers to advertise what the president is doing and it’s a catalyst for campaigning for him all over Nigeria,” Umahi said.

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Asked whether the influencers would support Tinubu ahead of the 2027 presidential election and respond to criticism of the administration, the minister acknowledged that the initiative would also support the President politically.

Umahi further dismissed suggestions that his criticism of Labour Party presidential candidate Peter Obi was connected to his own presidential ambition, describing such speculation as disrespectful to Tinubu.

“I cannot wish the position of my boss. It is disloyalty and it’s unspiritual and disrespectful,” he said.

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The minister said he hoped his legacy would be defined by infrastructure development, helping people and promoting the integration of the South-East into national politics.

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“My legacy will be the people I have made to laugh. The roads I have constructed, the people I have lifted up. And the region of South-East that I support being totally integrated,” he said.

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