Duke seeks financial system overhaul, faults high interest rates and rising debt

Donald Duke, a presidential hopeful for Nigeria's People's Redemption Party in 2027, has urged a radical restructuring of the nation's financial architecture. He contends that elevated interest rates, escalating public debt, and misdirected government expenditures are stifling businesses and impeding economic expansion.

Duke, a former governor of Cross River State, stressed the urgent need for bold economic reforms. These reforms should prioritize accessible credit, stringent public spending controls, reliable energy security, and enhanced institutional efficiency to stimulate productivity and rebuild investor confidence. He asserted that current lending rates, hovering in the upper 30s, make meaningful economic growth nearly impossible.

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with interest rates in the upper 30s, you are undermining the economy. You cannot grow an economy with borrowing costs at that level. Affordable loans promote growth, while inflation in our case is largely driven by the high cost of government and poor economic management.

"You cannot grow an economy with borrowing costs at that level," Duke stated, contrasting this with the positive impact of affordable loans. He attributed inflation largely to the high cost of governance and poor economic management. The PRP candidate also criticized the government's spending priorities, advocating for a redirection of public funds toward critical sectors like electricity, healthcare, education, and the judiciary, which he believes are key drivers of inclusive growth and citizen welfare.

Furthermore, Duke called for significant reforms in revenue generation, energy policy, and the justice system. He expressed confidence that Nigeria's abundant natural and human resources could fuel rapid economic transformation if managed effectively. "Make energy available and affordable because that is the greatest stimulus for productivity," he urged, adding that this, combined with prudent spending and an efficient tax system, would unlock the nation's vast economic potential.

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We are blessed with virtually every form of energy. Make energy available and affordable because that is the greatest stimulus for productivity. Combine that with prudent public spending, an efficient tax system and a judiciary that inspires confidence, and Nigeria can unlock its enormous economic potential.