COVID-19: Reduce interest rates now – Tinubu tells Buhari
Tinubu, in a lengthy statement he signed and made available to DAILY POST on Sunday afternoon, noted that high-interest rates are a fundamental drag on national economic growth.
“My position has always been one of reticence to foreign-denominated debt due to repayment challenges. However, if we need foreign currency to buy items essential to protecting the nation from the coronavirus now is the time to borrow. “Thus, the financial authorities should consider formulating regulations that banks must reduce the high interest rates on existing business loans to the new lower general rate. This can be achieved through regulations requiring banks to automatically roll-over existing loans at the lower rate or regulations stating this must be done if the borrower so requests.
“During the transitional period, banks will have time to alter their lending practices. They must begin to earn profits from higher volumes of business and consumer lending at much lower profit margins per loan.
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