Donald Duke Canvasses Nigeria’s Financial System Overhaul, Faults High Interest Rates, Rising Debt

• Says affordable credit, energy security, prudent spending critical to economic growth 

•Advocates merit-based appointments, judicial and tax reforms

Sunday Ehigiator

The presidential candidate of Peoples Redemption Party (PRP), Donald Duke, has called for a comprehensive overhaul of Nigeria’s financial architecture, blaming high interest rates, rising public debt, and misplaced government spending for the difficulties confronting businesses and the wider economy.

Duke, a former governor of Cross River State, said Nigeria urgently needed bold economic reforms focused on affordable credit, disciplined public expenditure, energy security, and institutional efficiency to stimulate productivity, restore investor confidence, and put the economy on a sustainable growth path.

Speaking during an interview, the PRP presidential candidate said prevailing lending rates had made meaningful economic expansion increasingly difficult for businesses. He said no economy could achieve sustainable growth when the cost of borrowing remained prohibitively high.

He said if elected president in 2027, his administration would prioritise the design of a financial system that supports productivity, which he said was currently lacking.

Duke stated, “With interest rates in the upper 30s, you are undermining the economy. You cannot grow an economy with borrowing costs at that level.

“Affordable loans promote growth, while inflation in our case is largely driven by the high cost of government and poor economic management.”

The former governor also criticised what he described as misplaced government spending priorities, calling for a fundamental shift in public expenditure towards sectors capable of driving productivity, improving citizens’ welfare, and creating jobs.

According to him, greater investments should be directed towards electricity, healthcare, education, and the judiciary, rather than projects with limited economic returns.

Duke maintained, “Strengthening these critical sectors would have a multiplier effect on the economy by improving human capital, supporting businesses, attracting investments, and creating an enabling environment for sustainable development.”

He also called for sweeping reforms in Nigeria’s revenue generation system, energy policy, and administration of justice, stating that the country has the resources required to achieve rapid economic transformation if they are properly managed.

Duke said, “We are blessed with virtually every form of energy. Make energy available and affordable because that is the greatest stimulus for productivity.

“Combine that with prudent public spending, an efficient tax system, and a judiciary that inspires confidence, and Nigeria can unlock its enormous economic potential.”

On governance, Duke defended his leadership record in Cross River State, saying his tenure reflected a commitment to building institutions capable of outlasting individual administrations.

He said he would replicate the same philosophy at the federal level if elected president next year, stressing that his administration would prioritise competence and integrity over political patronage.

According to him, political considerations should not determine who occupies critical government positions once elections are over.

he stated, “Politics ends after the election. Governance begins with assembling the best hands to move the country forward.

“Appointments should be based on competence and integrity, not political loyalty. Every public official must be committed to leaving the country better than they met it.”

Duke’s comments come amid continuing concerns over the cost of credit, public debt, and the ability of businesses to access affordable financing, particularly as policymakers seek to balance inflation management with the need to stimulate economic activity.

He stated that Nigeria’s economic challenges could not be resolved through monetary policy alone.

Duke said fiscal discipline, reliable energy supply, institutional reforms, and access to affordable financing must work together to create the conditions required for businesses and households to thrive.

The PRP candidate stressed the importance of restoring confidence in public institutions, saying investors would be more willing to commit capital to a country where the tax system is efficient, electricity is reliable, and the judiciary can provide timely and credible resolution of disputes.

Duke said his proposed reforms would ultimately be aimed at moving Nigeria from an economy constrained by high costs and weak productivity to one driven by investment, enterprise, and sustainable economic expansion.