The National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has said the Central Bank of Nigeria should seize the opportunity of the coronavirus crisis to lower interest rates in a bid
to boost the nation’s economy.
Tinubu said the country must retreat from high interest rates “if we want investment borrowing to attain levels that actually increase private-sector growth and job creation.” Tinubu said, “On one hand, high rates are used to scare domestic investment borrowing, thus undermining income, production and consumption.
He said, “My position has always been one of reticence to foreign denominated-debt due to repayment challenges.
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