The Kaduna State Governor, Nasir el-Rufai, at a special edition roundtable organised by Women in Business, a non-profit women advocacy organisation, in Abuja on Wednesday, lamented the Central Bank’s prevailing fiscal regime, saying the bank’s 14% monetary policy rate has led to massive job losses all over the country.
He added that CBN risked losing its power to set lending rates for commercial banks unless it immediately addresses the current dire situation.
He said only those who don’t operate genuine business could successfully operate under the current fiscal policy atmosphere.
He said: “We have a Central Bank that has an MPR at – what?- 14% and banks lending at 20%. 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.”