PRP’s Presidential Candidate Faults High Interest Rates, Rising Debt

The presidential candidate of the People’s Redemption Party (PRP) for the 2027 general election, Donald Duke, has demanded the overhaul of Nigeria’s financial system.

He argued that high interest rates, rising public debt and government spending priorities were affecting businesses and economic growth.

The former Cross River State governor said the country needed economic reforms focused on access to affordable credit, public spending, energy supply and institutional efficiency.

During an interview, Duke said prevailing lending rates had made it difficult for businesses to expand, arguing that sustained economic growth would be difficult under such conditions.

He said that, if elected president in 2027, his administration would seek to develop a financial system that supports productive activities.

According to him, “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.”

Duke also criticised the government’s spending priorities and called for more public funds to be directed towards sectors such as electricity, healthcare, education and the judiciary.

He said increased investment in these areas could improve productivity and employment while addressing some of the challenges facing citizens.

The PRP candidate also called for reforms in revenue generation, energy policy and the administration of justice.

Duke said Nigeria had significant natural and human resources but argued that better management was required to translate them into economic gains.

“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,” he stated.

The former governor also spoke about his record in Cross River State, saying his administration focused on building institutions and improving the state’s position before he left office.

He said that, if elected president, his administration would give priority to competence and merit in the selection of public officials.

“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 said.