SENATE President, Dr Bukola Saraki, has said the senate will, this week, discuss a motion on the interest rates being charged by commercial banks on loans to customers, particularly entrepreneurs who need borrowed funds to stay afloat and contribute to the National Gross Domestic Product (GDP).
Saraki, who said the senate would meet the Central Bank of Nigeria (CBN) over the rates, added that the prevailing rates were too high and discouraging to genuine industrialists and entrepreneurs who needed to accommodate the cost of funding alongside other costs to fix prices of goods and services.
“If we genuinely want to stimulate local manufacturing and development of small and medium enterprises so as to generate employment and help our national economy to recover from recession, then, people must be able to borrow money at reasonable interest rates. It is difficult for manufacturers to survive while borrowing at about 28 per cent,” he said.
Speaking on his position as head of the National Assembly for the past two years, the Senate President said: “I am comfortable with the support I have received from my colleagues. One thing that makes the eighth 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 eighth National Assembly.”
Saraki said the eighth Senate had scored many firsts since its inception and had fulfilled its mandate through its passage of several critical economic reform bills and opening of the National Assembly budget while its investigations had 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 Harbors Reform Bill and the Credit Bureau Scheme, you will see that we take governance very seriously.
“Over time, through our work like the TSA investigation; the NEITI report investigation and the North-East Humanitarian Response investigation, we have shown that this is a Senate that does not sweep things under the carpet. We are working to pass bills, enshrine transparency and do things that matter to Nigerians. This is because we know what families across the nation are going through and we are working to try to create more opportunities for them.
“Over the last two years, our focus had been on the economy, economy and the economy. You will soon see how the ‘Made-in-Nigeria’ amendment to the Public Procurement Act will open more opportunities for Nigerians. Additionally, starting with the implementation of the 2017 budget, the Senate will be defending Nigerian businesses by letting them know that if they find any government ministry, department or agency that is not patronising ‘Made-in-Nigeria’ as a first option, they should let us know and we will take appropriate action,” he said.
When asked why the Senate decided to pass the governance aspect of the PIB first, the Senate President said: “One of my first meetings after becoming the Senate President was a meeting with consultants and stakeholders to find out why the PIB had always failed to pass in the past. When the reason became clear, we decided to take the first part of the bill that has to do with governance, transparency and accountability in order to make the system more efficient for the country. By doing this, we have sent a message to international investors who have been previously unsure about what laws govern our petroleum industry that the country is truly ready for more investment in this sector.”
Speaking on the recent passage of the Nigerian Football Federation Bill by the eighth Senate, the Senate President described it as “a very important bill that will transform the administration of football in the country. It is very personal to me because as a club owner, I am happy that this bill will make the administration of football be in line with international best practices.”