The presidential candidate of the Peoples Redemption Party (PRP) for the 2027 general election, Donald Duke, has called for a major overhaul of Nigeria’s financial system, saying high interest rates and rising public debt are hurting businesses and economic growth.
Duke, a former governor of Cross River State, said the country needed economic reforms focused on access to affordable credit, public spending, energy supply and institutional efficiency.
Speaking in an interview, he said prevailing lending rates were making it difficult for businesses to expand and warned that sustained economic growth would remain difficult under the current conditions.
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He said his administration, if elected in 2027, would seek to build a financial system that supports productive economic activities.
“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 said.
Duke Faults Government Spending
The PRP candidate also criticised the government’s spending priorities, calling for greater investment in electricity, healthcare, education and the judiciary.
According to him, increased funding for these sectors would boost productivity and employment while easing some of the difficulties facing Nigerians.
Duke also advocated reforms in revenue generation, energy policy and the administration of justice.
He said Nigeria had abundant natural and human resources but needed better management to convert 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.
‘Appointments Should Be Based On Merit’
The former Cross River governor also reflected on his administration’s record in the state, saying it focused on strengthening institutions and improving the state’s position before he left office.
Duke said competence and merit would guide the appointment of public officials if he becomes president.
“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,” he said.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.