FG disburses N100bn Consumer Credit Fund for manufacturers

The Federal Government says it will provide the sum of N100 billion through consumer credit fund to support the manufacturing sector.

Minister of Budget and Economic Planning, Sen. Atiku Bagudu, said this while briefing newsmen on clarifications on the implementation of 2024 Appropriation Act, in Abuja on Thursday.

Bagudu, who noted that the manufacturing sector was facing serious challenges, said that the fund would help to revive the sector.

“Our economy can gain if many people can pay for goods and services over a period of time just as it’s being done around the world. And it will help our manufacturing sector.

“The Consumer Credit is a veritable tool to provide access to goods and services to a lot of Nigerians. A committee is working on this.

“It has not been implemented. The money has not been withdrawn; the fund is a catalytic fund and it’s expected to grow,” he said.

The minister said that government was also providing N100 billion for agriculture sector.

He said that the fund was supposed to attract more funding so that the mortgage industry would grow bigger.