Duke seeks financial system overhaul, faults high interest rates, rising debt
Presidential candidate of the People’s Redemption Party (PRP) for the 2027 general election, Donald Duke, has called for a comprehensive overhaul of Nigeria’s financial architecture, warning that high interest rates, rising public debt and misplaced government spending are crippling businesses and slowing economic growth.
The former Cross River State governor said the country urgently needs bold economic reforms centred on affordable credit, disciplined public spending, energy security and institutional efficiency to unlock productivity and restore investors’ confidence.
Speaking during an interview, Duke argued that the prevailing lending rates have made meaningful economic expansion virtually impossible for businesses, stressing that no economy can achieve sustainable growth under such conditions.
He said when he becomes president in 2027, his government would work on designing a financial system that enables productivity, which is lacking at the moment.
According to him, ‘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.”
The PRP standard-bearer also criticised what he described as the government’s misplaced spending priorities, urging a shift in public expenditure towards critical sectors capable of driving inclusive growth and improving citizens’ welfare.
According to him, greater investments should be channelled into electricity, healthcare, education and the judiciary instead of projects with limited economic returns. He maintained that strengthening these sectors would boost productivity, create jobs and lay the foundation for sustainable national development.
Duke further advocated sweeping reforms in revenue generation, energy policy and the administration of justice, insisting that Nigeria possesses abundant natural and human resources to achieve rapid economic transformation if properly managed.
“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,” he stated.
The former governor also defended his leadership credentials, saying his record in Cross River State reflected a commitment to building enduring institutions and leaving public office better than he met it. He pledged that, if elected president, merit and competence would take precedence over political patronage in the composition of his administration.
“Politics ends after the election. Governance begins with assembling the best hands to move the country forward. Appointments should be based on competence and integrity, not political loyalty. Every public official must be committed to leaving the country better than they met it,” Duke said
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