A financial expert, Dr. Muda Yusuf, has berated the 35% interest rate in borrowing not good for the country’s economy, describing it as suicidal which would have negative effects on Nigeria economy.
Muda made this assertion at the Webinar organized by the Nigerian NewsDirrect Newspaper, titled; Nigeria’s Economic Outlook 2025: Trends, Challenges, and Opportunities for growth.
According to him, 35% interest rate on borrowing is not good for our economy which would cripple the nation’s economic growth. Look at the cost of borrowing is high? It would be difficult to repay such borrowing. This would put pressure on the economy.
He stated that it would cripple business if we are not careful, adding that government has roles to play market economy. It is suicidal for anyone to take loan at 35% interest rate in this present economy.
Muda advocated for alternative option in which government can make our programme more robust through equity financing.
