El-Rufai lambasts CBN over bank jobs

– Kaduna state governor, Nasir el-Rufai, has decried Central Bank’s prevailing fiscal regime

– The Kaduna state governor said the apex bank’s 14% monetary policy rate has led to massive job losses in the country

– El-Rufai said CBN risked losing its power to set lending rates for commercial banks

Nasir el-Rufai, Kaduna state governor has decried the Central Bank’s prevailing fiscal regime, saying the bank’s 14% monetary policy rate has led to massive job losses in the country.

According to Premium Times, El-Rufai said the CBN risked losing its power to set lending rates for commercial banks unless it immediately addressed the situation.

READ ALSO: Gov El-Rufai to implement free compulsary education

The governor stated this at a special edition roundtable organise by Women in Business, a non-profit women advocacy organisation, in Abuja, on Wednesday, August 10.

He added that only unscrupulous elements could successfully operate under the current fiscal policy atmosphere.

“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.”

“The rate of inflation in the UK is not 2 per cent or 1 per cent. It is 7-8 per cent. But lending rate is at what one percent. I think they cut the interest rate last week.

“All these theories that the rate of interest must be above the rate of inflation is economic [expletive],” Mr. El-Rufai said.

“We must decide that businesses should be able to borrow at the rate interest that makes sense and politically lower rates to that level,” El-Rufai said.

READ ALSO: Nigerian urges El-Rufai to convert to Christianity

In another development, a free compulsory primary education is set to be enforced by the Kaduna state government.

Plans have been concluded to commence the enforcement of the bill across the 23 local government areas next month.

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