President Bola Tinubu proudly stated in his Independence Day speech on October 1st that more than 150,000 Nigerians had applied for N30 billion in Credicorp loans.
The statement was offered as proof of his government’s efforts to help families and small companies in difficult financial times. But the assertion has started new arguments, as no confirmed records exist to corroborate such broad dispersal.
Nigeria’s persistent problems with openness, poor record-keeping, and lack of easily available beneficiary data have only increased mistrust.
In an exclusive interview with The News Chronicle, Etido Umoh, a Quality Specialist in Research at Miva Open University, Ukato, Abuja, clarified what this means for the economy and governance.
TNC: President Tinubu mentioned that 150,000 Nigerians accessed loans through Credicorp. From your view, why is this claim difficult to verify?
Umoh: The challenge lies in Nigeria’s poor institutional transparency. We don’t have a reliable, centralized database that tracks beneficiaries of such interventions. Without credible independent reports or testimonies from actual loan recipients, it becomes almost impossible to validate numbers like 150,000 or N30 billion. It risks being seen as just another political talking point.
TNC: What would be the economic impact if indeed such loans were genuinely disbursed at that scale?
Umoh: If those loans were real and accessible to ordinary Nigerians, particularly small business owners, the impact could be significant. It would stimulate entrepreneurship, reduce unemployment, and inject liquidity into struggling households. But again, the absence of clear evidence makes it difficult for citizens to trust that such benefits exist beyond paper claims.
“When citizens repeatedly hear about billions being disbursed but cannot see tangible results in their communities, skepticism becomes the default.” — Etido Umoh
TNC: Nigeria has a history of announcing big loan programs with little trace afterward. How does this affect public trust in government policy?
Umoh: It erodes trust significantly. When citizens repeatedly hear about billions being disbursed but cannot see tangible results in their communities, skepticism becomes the default. For governance to work, transparency and accountability must be non-negotiable. Otherwise, even genuine efforts risk being dismissed as propaganda.
TNC: How does this situation compare with countries that manage loan and grant programs more effectively?
Umoh: In countries with strong data systems, you can track beneficiaries in real time. Names, sectors, amounts disbursed, and repayment progress are published openly. That level of detail builds credibility. In Nigeria, however, records are either inaccessible or nonexistent, which fuels doubts whenever large figures are announced without proof.
TNC: What would you recommend as a way forward for the Nigerian government and agencies like Credicorp?
Umoh: First, they need to embrace transparency. Publish verified lists of beneficiaries, at least anonymized data if privacy is a concern. Second, establish independent monitoring bodies that audit these disbursements. Finally, communicate results clearly so that citizens can connect policies to real outcomes. Without that, these loan programs risk being perceived as phantom promises rather than real economic lifelines.
While Tinubu’s speech was meant to inspire confidence, the lack of evidence behind Credicorp’s loan figures raises critical questions about Nigeria’s approach to economic stimulus. Until transparency becomes a standard practice, bold numbers in official speeches will continue to face public doubt rather than generate trust.
