• Advertise
  • Contact
GFH News
Advertisement
  • Home
  • Economy
  • Politics
  • Others
    • Security
    • Health
    • Metro/General News
    • Crime
    • Law/Judiciary
    • Entertainment
  • Contact
No Result
View All Result
  • Home
  • Economy
  • Politics
  • Others
    • Security
    • Health
    • Metro/General News
    • Crime
    • Law/Judiciary
    • Entertainment
  • Contact
No Result
View All Result
GFH News
No Result
View All Result
Home Metro/General News

COVID-19: Tinubu urges reduction of interest rates

gfhnews.com by gfhnews.com
May 4, 2020
in Metro/General News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

The All Progressive Congress (APC) National Leader, Chief Bola Tinubu, on Sunday urged the Central Bank of Nigeria to reduce interest rates  to avoid stifling domestic investment and income during COVID-19 crisis.

Tinubu made the call in a statement in Lagos.

The APC leader said that the reduction would make the COVID-19 crisis  to have a positive economic aspect.

He advised the Federal Government to avail tax reliefs that would aid financial institutions  to reduce  interest rates.

He said that by driving down the interest rates, the government would be saving the nation from a monumental drag on economic growth.

While noting that lower rates may have some negative short-term impact on inflation and exchange rate, Tinubu said that economic dislocations caused by new coronavirus would serve to mitigate those temporary negative consequences.

“Lower rates will increase domestic investment and production as well as create jobs.

“Undue rates penalise domestic investment and consumer borrowing. This reduces both aggregate domestic supply and, to a lesser degree, aggregate domestic demand.

“High interest rates are a fundamental drag on national economic growth.

“Lower rates will spur domestic investment and production. This creates both jobs and wealth,” Tinubu, a  former Governor of Lagos State, said.

He said that high rates would serve only to suppress the vital factors.

“If there is a time to reduce interest rates, that time is now,” he said.

Tinubu said that the world understood the imperative of lower interest rates.

“We should not pretend to be blind to that which every other major nation sees.

“If this crisis is to have any positive economic aspect, let it be that we used this moment to drive down interest rates.

“To apply the rate reduction only to future loans would be prejudicial to current bank debtors.”

The APC leader urged that banks must also reduce high interest rates on existing business loans.

“This can be achieved through regulations requiring banks to automatically roll over existing loans at the lower rate if the borrower so requests,” he said

Previous Post

COVID-19: Evacuation of Nigerians from U.S. begins May 10

Next Post

Italy’s virus deaths drop to 174 on eve of lockdown easing

gfhnews.com

gfhnews.com

Next Post

Italy’s virus deaths drop to 174 on eve of lockdown easing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 81 Followers
  • 22.9k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Creative Industry Group honours Ovularia of ‘New Masquerade’

Creative Industry Group honours Ovularia of ‘New Masquerade’

December 6, 2020
Organic foods consumption will boost immunity, cure COVID-19 symptoms – Expert

Organic foods consumption will boost immunity, cure COVID-19 symptoms – Expert

January 22, 2021
Suleiman Yahaya bows out of National Park Service

Suleiman Yahaya bows out of National Park Service

February 8, 2021
Arrest me with proof that I plan instigating violence in Ebonyi — Egwu

Arrest me with proof that I plan instigating violence in Ebonyi — Egwu

November 28, 2020

My career at a crossroads – Aubameyang

2

Lady, 28, dumps my 65year-old brother at LUTH after stealing his millions – Sister

2

Court orders final forfeiture of N426.7m belonging to rtd. Army General

1

Mapoly 2007 Mass Comm graduates provide stimulus packages for colleagues

1
Northern governors resolve to work with FG in fight against insecurity

Northern governors resolve to work with FG in fight against insecurity

February 26, 2021
Kwara shuts 10 schools temporarily over Hijab controversy

Kwara Govt approves use of hijab in state-owned, grant-aided schools

February 26, 2021
Court dismisses NJC’s objection on Justice Ajumogobia’s dismissal

Woman in court for allegedly stealing N19.7m from cryptocurrency firm

February 26, 2021
NASS, Justice Ministry to collaborate on Executive, Legislative agenda -Omo-Agege

NASS, Justice Ministry to collaborate on Executive, Legislative agenda -Omo-Agege

February 26, 2021

Recent News

Northern governors resolve to work with FG in fight against insecurity

Northern governors resolve to work with FG in fight against insecurity

February 26, 2021
Kwara shuts 10 schools temporarily over Hijab controversy

Kwara Govt approves use of hijab in state-owned, grant-aided schools

February 26, 2021
Court dismisses NJC’s objection on Justice Ajumogobia’s dismissal

Woman in court for allegedly stealing N19.7m from cryptocurrency firm

February 26, 2021
NASS, Justice Ministry to collaborate on Executive, Legislative agenda -Omo-Agege

NASS, Justice Ministry to collaborate on Executive, Legislative agenda -Omo-Agege

February 26, 2021

GFH News is a Nigeria based online news platform that gives news on the go. Our team gather news from different sectors, locally and internationally, with fact checks.
Get the news as it breaks.

Browse by Category

  • Agriculture
  • Banking
  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Environment
  • FACT CHECK
  • Feature
  • Foreign
  • Health
  • Labour
  • Law/Judiciary
  • Metro/General News
  • Oil&gas
  • Politics
  • Religion
  • Science
  • Security
  • Sports
  • Technology
  • Tourism
  • Uncategorized
  • work

Recent News

Northern governors resolve to work with FG in fight against insecurity

Northern governors resolve to work with FG in fight against insecurity

February 26, 2021
Kwara shuts 10 schools temporarily over Hijab controversy

Kwara Govt approves use of hijab in state-owned, grant-aided schools

February 26, 2021
  • Advertise
  • Contact

© 2020 GFH News

No Result
View All Result

© 2020 GFH News