According to him, the CBN is responsible for the massive job losses in the country because of its 14 per cent monetary policy.
“We have a Central Bank that has an MPR at —what?— 14 per cent and banks lending at 20 percent. Only traders and drug dealers can make money at this interest rate.
“I have said it before and I will repeat it again, unless the Central Bank and the banking system make a conscious decision to bring interest rate down, one day we would legislate it,” Mr. El-Rufai said.
Mr. El-Rufai dismissed CBN’s perennial reasons for high interest rate, and used the “B” word to express his disgust.
“The rate of inflation in the UK is not 2 per cent or 1 per cent. It is 7-8 per cent. But lending rate is at what one percent. I think they cut the interest rate last week.
“All these theories that the rate of interest must be above the rate of inflation is economic [expletive],” Mr. El-Rufai said. “We must decide that businesses should be able to borrow at the rate interest that makes sense and politically lower rates to that level.”
He spoke at a special edition roundtable organised by Women in Business, a non-profit women advocacy organisation, in Abuja.
Premium Times
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