By Kayode Araba.
Thus, senator representing Delta North Senatorial district (PDP), Senator Ned Nwoko has urged President Bola Ahmed Tinubu, to forget about IMF, World Bank and look inwardly in solving the problem Nigeria is facing now locally.
Therefore, lawmaker stated this during an interactive section with journalists in Abuja, identified three major areas the President can have the strong will to correct as a matter of urgency, the hardship Nigerians are currently facing will have no place in the country again.
He said the government must take total control of interest rates and come out emphatically to say that interest rate will no longer be business as usual, that it’s going to be three or four percent, starting from 1st March for example, and everybody will adjust, as well as the banks. So with this, if the banks use to make a profit of five hundred million a day they can now be making one hundred million a day and it’s still good.
However, he further stated that youth entrepreneur can have access to loans with minimum interest rates of not more than five percent.
Also he alluded to fact exchange rates ordinarily should be something that concern foreign transaction, but because of our over relying on foreign currencies our people are fully aware that naira has no value again. So we need to tackle the issue of over dependency in dollars this should be our main point in addressing the current menace in our current economic problems
That, we must understand that we don’t have credit economy Credit economy is an economy where people are able to borrow with some minimum conditions. For you to borrow, there must be an interest rate that is manageable.
In most countries they have interest rates of between three to six percent but in Nigeria it’s between twelve to thirty percent. And not only that, they also ask of collateral; properties, how can one acquire all these in the first place to be able to access a loan
He noted that the western world made it so hard that we must export our raw materials to them so that they can finish it and sell it back to us at hundred percent cost. Suffice it to say that we add no value to our raw materials.
