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Credicorp: NYSC Unveils N200,000 Loan Scheme For Corps Members

The Nigerian Consumer Credit Corporation has unveiled a new initiative to empower corps members with access to single-digit interest loans of up to N200,000 under a programme dubbed “YouthCred.”
The scheme officially kicked off on Wednesday in Abuja with the signing of a Memorandum of Understanding between Credicorp and the National Youth Service Corps.
Speaking at the ceremony, the Managing Director/CEO of Credicorp, Uzoma Nwagba, disclosed that N9bn has been earmarked for the first phase of the programme, targeting NYSC members nationwide.
He explained that the initiative goes beyond credit access, aiming to instill responsible borrowing habits and financial planning among young Nigerians.
READ ALSO:NYSC Deploys 1,700 Corps Members To Bauchi State
He said the programme is part of President Bola Tinubu’s consumer credit drive announced during his Democracy Day address on June 12.
“The heart of YouthCred is actually not just credit, but credit orientation that is teaching young Nigerians, especially as they are coming into the workforce, teaching them good credit habits, teaching them how to build a credit history, teaching them how to plan financially and borrow responsibly, and then ultimately also giving them credits that enables them to access goods and services,” he said.
Eligible corps members will be required to complete a brief digital credit education course before they can access the loans.
Those who repay promptly can gradually qualify for higher amounts, up to the N200,000 cap.
READ ALSO:Pick Up Corps Members Or Refund Their Transport Fee – NYSC urges Corps Employers
The loans are expected to support a variety of needs including relocation, acquisition of work tools and devices, skills training or small-scale business funding.
Nwagba emphasised the strategic importance of the NYSC scheme to national development, describing it as a “national gold mine for credit reorientation.”
“Our first target for this is N9 billion. But like I said in the signing ceremony, the loans will grow, and the amounts will grow as the programme continues to gain adoption,” he added.
He urged beneficiaries to embrace the opportunity with discipline, stressing that repayment is vital to sustaining and expanding the scheme.
In his remarks, the Director-General of the NYSC, Brigadier General Yusha’u Ahmed, who was represented by Brigadier General Olakunle Nafiu, hailed the initiative as “epoch-making,” praising Tinubu for prioritising Nigerian youths.
READ ALSO:Don’t Lose Hope – NYSC To Corps Members
The DG assured Credicorp of NYSC’s full cooperation, including the integration of credit education modules into orientation and training programmes.
He added that the programme would not only empower corps members during service but also prepare them for life afterward, creating a generation of financially literate, credit-worthy, and business-minded Nigerians.
He stated, “I am glad and I want to thank the MD/CEO of CrediCorps and his staff for this initiative and partnership. I particularly would like to appreciate His Excellency, Mr President, for having the Nigerian youths at heart and driving this initiative.
“It shows that Mr President is committed to this, and he’s passionate about this. We are glad that we are recognised at that level.”
News
Man Charged After Fatal Southall Collision
A 20-year-old man has been charged after a fatal road collision in Southall, west London, which claimed the life of a 17-year-old passenger.
The Metropolitan Police said officers were called at about 1:04 a.m. on Saturday, September 19, following reports of a collision involving a Ford Mustang on South Road, Southall.
Officers attended the scene alongside paramedics from the London Ambulance Service and firefighters from the London Fire Brigade.
Despite efforts by emergency responders, 17-year-old passenger Ranbir Singh died at the scene.
His next of kin have been informed and are being supported by specialist officers.
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Another passenger, a 26-year-old man, sustained serious injuries in the collision and remains in hospital, according to police.
The driver of the vehicle, Sukhveer Singh, 20, of Townsend Road, Southall, was arrested at the scene.
He was subsequently charged on Sunday, September 20, with causing death by dangerous driving, aggravated vehicle taking and dangerous driving.
He was also charged with driving otherwise than in accordance with a licence and using a vehicle without insurance.
Singh appeared before Uxbridge Magistrates’ Court on Monday, September 21, and was remanded in custody.
He is due to appear at the Old Bailey on Monday, October 19.
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Detective Inspector Fiaz Janjua, from the Serious Collision Investigation Unit, said: “This is a truly tragic incident in which a young man has lost his life and another remains in hospital with serious injuries.
“Our deepest sympathies remain with Ranbir’s family and friends, who continue to be supported by specially trained officers. during this extremely difficult time.
“While a man has now been charged in connection with this collision, our investigation remains ongoing and we are continuing to establish the full circumstances leading up to the incident.
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“I would ask anyone who witnessed the collision, the manner of driving beforehand, or the movements of the Ford Mustang in the Southall area during the early hours of Saturday, 19 September, to come forward.”
Police are particularly appealing to anyone who may have CCTV footage, doorbell recordings, mobile phone footage or dashcam recordings that could assist the investigation.
The Met urged anyone with information to contact police on 101, quoting reference 01/8080469/26.
The force said the investigation remains ongoing as detectives work to establish the circumstances leading up to the collision.
(MetPolice)
News
Iranian Airlines Hit By US Sanctions As Oil Prices Rise On Saudi Attacks
Iranian airlines have been barred from operating in several neighbouring countries following the implementation of new US sanctions, as the wider Middle East conflict continued to put pressure on regional energy supplies and push oil prices higher.
The United Arab Emirates suspended all flights operated by Iranian airlines until further notice after a US deadline for companies around the world to stop doing business with Iran’s aviation sector expired.
Iran’s Tasnim news agency also reported that flights to Oman, Georgia, Azerbaijan and Baghdad had been halted. Iranian authorities were reportedly working to redirect some services to Najaf in Iraq.
The measures are part of a broader US effort to isolate Iran economically by imposing sanctions on companies in third countries that continue doing business with Iranian firms.
Washington had set September 23 as the deadline for companies worldwide to comply with restrictions targeting Iranian airlines, with the stated aim of grounding Iran’s entire civilian aircraft fleet.
READ ALSO: Iran War Is ‘Small Potatoes’ For US – Trump
The restrictions have already affected Iran’s international air links, with Tehran’s Imam Khomeini Airport showing scheduled services to countries including Afghanistan, Armenia, China, Iraq, Pakistan, Tajikistan and Turkey, but no flights to or from several Gulf states.
Iran has warned that neighbouring countries complying with the US restrictions could face retaliation.
A senior Iranian official warned on Wednesday that airports in countries enforcing the ban could be made “unusable”.
The latest sanctions came as tensions across the region continued to affect global energy markets.
Oil prices rose sharply on Thursday after Yemen’s Iran-backed Houthi fighters launched missile attacks against Saudi Arabia, raising fresh concerns about disruptions to crude supplies.
READ ALSO: Iran Plans New Restricted Gulf Zone As Hormuz Tensions Rise
Saudi Arabia said it intercepted six ballistic missiles fired by the Houthis towards areas including Taif and the Yanbu region on the Red Sea.
Yanbu is particularly important to Saudi Arabia’s oil-export strategy because the port provides an alternative route for crude when shipments through the Strait of Hormuz are disrupted.
Brent crude futures settled at $106.60 a barrel, gaining $3.52, or 3.4 per cent, while US West Texas Intermediate crude rose $2.45, or 2.7 per cent, to settle at $94.61.
Both benchmarks had risen by about 5 per cent at their session highs. Brent recorded its highest closing price since September 15, while the gain represented WTI’s first rise after six consecutive sessions of losses.
The price increase came despite signs that diplomatic efforts between Washington and Tehran could eventually ease pressure on oil supplies.
READ ALSO: Iran Executes Man Accused Of Aiding US, Israel
Reuters reported that US and Iranian negotiators in New York were exploring a possible phased agreement under which Iran would reopen the Strait of Hormuz while the United States eased its economic blockade of Iran.
The Strait of Hormuz is a crucial global oil route and its disruption has been a major factor behind the volatility in energy markets during the conflict.
The prospect of negotiations helped crude prices retreat from their intraday highs.
The wider conflict has also affected Saudi Arabia’s ability to export crude. Saudi Arabia has been using its East-West pipeline to divert oil towards the Red Sea after disruptions to Gulf shipping routes. The country has been working to restore export capacity through Yanbu.
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Meanwhile, the latest US sanctions threaten to deepen Iran’s economic isolation.
President Donald Trump previously described the expanded sanctions strategy as “economic D-Day”, referring to Washington’s attempt to increase pressure on Tehran by targeting companies outside Iran that continue to do business with sanctioned Iranian entities.
Iranian authorities have warned that the sanctions and wider blockade could worsen the country’s economic difficulties.
The latest developments have therefore created two competing pressures for oil markets: continued military escalation around major energy infrastructure and shipping routes could push prices higher, while progress in US-Iran negotiations and a reopening of the Strait of Hormuz could ease supply concerns.
(Reuters)
News
Report: UK Considers Raising Tax-free Allowance To £15,570
The UK government is reportedly considering increasing the personal income tax allowance from £12,570 to £15,570, a move that could leave millions of workers with more disposable income and prevent most state pensioners from paying tax on part of next year’s pension increase.
The proposal, reported by Sky News citing The Telegraph, would represent the first increase in the personal allowance in five years. The threshold has remained frozen at £12,570 since 2021.
If implemented, the new threshold would be close to the level the allowance might have reached had it continued rising instead of being frozen.
The proposal is being considered by Chancellor John Healey and Prime Minister Andy Burnham, according to the report. It was suggested by Labour donor and Ecotricity owner Dale Vince.
READ ALSO: UK Inflation Rises To Five-month High, Putting Pressure On Bank Of England
Vince said: “If Labour wants to get the economy moving, it should put money into the pockets of people who will spend it.”
He added: “Raising the personal allowance to £15,570 would give millions of people a meaningful boost, with the biggest benefit going to those on the lowest incomes.”
He proposed funding the measure through changes to capital gains tax and by ending interest payments on Bank of England reserves.
“We can pay for it by making the tax system fairer – starting with capital gains and the billions we currently hand to banks in interest,” Vince said.
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However, the government has not confirmed that the proposal will be included in the upcoming Budget.
A Treasury spokesperson said decisions on taxation were matters for the Chancellor to announce at fiscal events, rather than issues the department would “routinely comment on rumour, speculation or proposals”.
The proposed increase could also address an issue facing pensioners.
The UK’s state pension is expected to rise by 3.9% next April under the government’s triple lock system, which guarantees an annual increase based on whichever is highest among inflation, average wage growth or 2.5%.
Provisional wage figures show growth of 3.9%, meaning the full new state pension could increase from £12,547.60 to about £13,036.60.
READ ALSO:Over 150 UK Flights Cancelled After Air Traffic Glitch
That would put the state pension above the current £12,570 personal allowance by approximately £457.
For pensioners with total retirement income below £50,270, that amount would normally be subject to the basic 20% income tax rate, potentially resulting in an annual tax bill of about £91.40.
Increasing the personal allowance to £15,570 would place the projected state pension below the new threshold, meaning pensioners would not pay income tax on the state pension itself, assuming they had no other taxable income.
The proposal comes as the government faces pressure over its finances ahead of the next Budget.
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Official figures showed that the UK public sector borrowed £18.3bn in August, the second-highest borrowing figure recorded for the month. Borrowing for the financial year so far was also £8.1bn above the level forecast by the Office for Budget Responsibility.
The government is therefore expected to face difficult decisions over taxation and spending when the Chancellor delivers the Budget.
Other possible tax changes under discussion include changes to capital gains tax and the proposed high-value council tax surcharge on expensive properties.
No decision on the personal allowance has been announced, and the final policy will depend on the Chancellor’s Budget decisions.
(skynews)
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