The Senate is working out solutions that will end the rising interest rates in the banking sector and return profit and viability to Nigerian enterprises.Senate President, Abubakar Bukola Saraki, disclosed this yesterday during a stakeholders’ roundtable to address the increasing interest rate in Nigeria.
He said the solution was needful if the country must build a virile private sector that will meet its developmental needs as a 25-30 per cent interest rate regime is a yoke too hard to bear for any real sector business.
Saraki further explained that the public hearing is an indication of the visions of the 8th Senate for a more sustainable interest rate regime, saying that economic issues are legislative priority.
However, Chairman, Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, said that the current regime of interest rate has continued to be a major burden on businesses? in the country and therefore requires very urgent solution.
Meanwhile, the Senate yesterday resolved to ensure a free and accessible mental health care for the unhappy and depressed Nigerians under various stages of hardship.
It also urged the Ministry of Health both at the federal and state levels to embark on mental health sensitization and awareness campaign.
Senator Oluremi Tinubu, representing the Lagos Central senatorial district, the sponsor, said the motion has become imperative following the economic difficulty, rising rate of crimes, suicides and suicide attempts in the country, which she said, ‘are sufficient to send anyone over the edge.’
She said Nigeria was ranked 78th happiest nation in the world and 4th in Africa in the 2017 World happiness report and in March this year, the report again rated Nigeria 95th happiest nation out of 155 countries.
Source: The Guardian