From Layi Olanrewaju, Ilorin
Senate will, this week, meet with the Central Bank of Nigeria (CBN), after the chamber would have debated banks’ high interest rate and how it hinders businesses in Nigeria.
Senate President, Dr. Bukola Saraki, disclosed this to newsmen in Ilorin, Kwara State, at the weekend, where he promised to personally lead the debate to ensure a downward review.
Saraki also promised that Senate will pass the remaining portions of the Petroleum Industry Governance Bill in the next three weeks.
“One of the areas of concern to me, which, this week, I’m opening up, we are going to debate, has to do with the issue of interest rates. In as much as we have been able to get stability in foreign exchange but, the high interest rate is not going to help us.
“We want to talk frankly to ourselves; this week, hopefully, we will debate it and after that, there will be a roundtable discussion with both the CBN and the banks.
“We need to sit down and frankly talk to ourselves. We hope they will be able to understand because, in an economy where everybody is retrenching, companies are losing money it is immoral where, in that same environment, certain parts of the economy that has to do with finance are making astronomical profit.
“ I know why they are doing that; it is because they are putting all their assets in government security, which is risk-free and getting 18-19 percent. They will tell us they are doing business but, in any business, there is room for social responsibility. So, we will sit down and talk, look ourselves eyeball to eyeball and, I can promise Nigerians that we are going to have a solution.
“I want to assure you that I will lead that challenge. There are so many ways to do it; we can sit down and talk as friends, look a what we need to do and we can also get it by legislation. It will be irresponsible not to do that. We know the trick and we can match them on the tricks.
“They are businesses and must make profit but, you might have to reduce that profitability in order to allow your country to grow. We might have to limit what you can put in government security and the remaining must go to the real sector and those companies we are saying must produce what we need locally.”
Speaking on the journey thus far, after being at the helm of the Senate and the National Assembly as a whole for the past two years, the Senate President said: “I am comfortable with the support that I have received from my colleagues. One thing that makes the 8th Senate different is that we take initiative.
“For example, a bill like the PIB would have been easier to pass as an executive bill — however, based on how united we are and focused on the greater good , the passage of the PIB goes to show Nigerians the competencies of the Senators of the 8th National Assembly.”
Saraki said the Eighth Senate has scored many firsts since it its inception and that it has fulfilled its mandate through its passage of several critical economic reform bills, opening of the National Assembly budget, and its investigations that have helped in the fight against corruption.
“We are a focused Senate. We are also a people-oriented Senate. We are a Senate of many firsts, if you look at the passage of the Petroleum Industry Governance Bill, the opening of the National Assembly Budget, the passage of Bills like the Ports and Harbours Reform Bill and the Credit Bureau Scheme, you will see that we take governance very seriously…”