High Interest Rate Worrisome – Saraki

The Senate President, Bukola Saraki has decried the high interest rates charged by Nigerian banks.

Senator Saraki who made the disclosure while speaking to journalist over the weekend in Ilorin, Kwara State, argued that companies are folding down, some laying off workers due to their inability to access cheap credit a development inimical to much needed economic growth in the country.

He said that Senate has already scheduled to meet with financial institutions in a bid to amicably address the situation and, however, threatened that the upper house would take action by way of legislation if financial institutions do not reduce their interest rates.