Reps seek single- digit interest rate
- Written by Abdullateef Abubakar Jos
The resolution was sequel to a motion moved by Rep. Nadu Karibo (
PDP-Bayelsa), which was unanimously adopted without debate.
Karibo told his colleagues that the policy would encourage the growth of
small-scale businesses and the manufacturing industry.
He noted that the Monetary Policy Rate of any country, which is fixed by the
Central Bank, determined the rate at which banks accessed funds and the rate
at which they lent money to investors and businesses.
Karibo said that Nigeria's benchmark interest rate of 12 per cent ranked it
among countries with very high interest rates in the world, with the resultant
lending rate of between 17 per cent and 25 per cent or more.
The legislator said that with the high interest rate, new investors might find it
difficult to raise money and when they managed to do so, it would be difficult or
impossible to repay.
He said that Switzerland had a benchmark interest rate of zero per cent, Japan
0.25 percent , U.S. 0.25 per cent, UK 0.50 per cent and Singapore 0.03 per
Other countries he cited to buttress his claim were Netherlands 0.75 per cent ,
U.A.E. one per cent, Trinidad and Tobago 2.75 per cent, Tunisia 3.75 per cent,
Togo 4 per cent, Niger 4 per cent and Namibia 5.5 per cent.
Commenting on the motion, Rep. Aminu Suleiman (PDP-Kano), said that if the
interest rate was reduced, more investors would invest in the country and more
jobs would be provided for unemployed citizens, especially youths.
However, Rep. Kamil Akinlabi (ACN-Oyo), said that fixing the benchmark interest
rate was not in the purview of the CBN.
Members who supported the motion were not categorical on the rate that would
be acceptable but suggested that it should be below the current rate.
Do you know that?
On May 23, 1887 the 1st transcontinental train arrived in Vancouver, BC.
On a similar date in 1940 the 1st great dogfight between Spitfires took place
Also on May 23, 1996 In Bangladesh as many as 77 people were feared drowned in a sunken ferry after a collision on the Jamuna River. More than 50 ferries have sunk since 1981 killing more than 1,000 people.
On the same date in 1998 From India and Pakistan it was reported that temperatures had reached 120 degrees and claimed 34 lives. Most of the fatalities occurred in the southwestern Indian state of Maharashtra
However on May 23, 2000 In Nigeria Christians and Muslims clashed for a 2nd day in Kaduna and the death toll mounted to 100.
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