Duke Seeks Financial System Overhaul, Faults High Interest Rates, Rising Debt

Presidential candidate of the People’s Redemption Party (PRP) in the 2027 general election, Donald Duke, has called for a comprehensive overhaul of Nigeria’s financial architecture, warning that high interest rates, rising public debt and misplaced government spending are undermining businesses and constraining economic growth.

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

Speaking during an interview with Journalists  on Sunday  in Abuja , the PRP presidential candidate argued that prevailing lending rates had made meaningful economic expansion increasingly difficult for businesses, stressing that no economy could achieve sustainable growth when the cost of borrowing remained excessively high.

He said his administration, if elected in 2027, would redesign the country’s financial system to make it more supportive of production and investment.

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 what he described as misplaced government spending priorities, calling for a shift in public expenditure towards sectors capable of driving productivity, improving citizens’ welfare and generating sustainable economic growth.

He identified electricity, healthcare, education and the judiciary as areas requiring greater government investment, arguing that strengthening the sectors would improve productivity, create jobs and provide the institutional foundation for long-term development.

The former governor further advocated reforms in revenue generation, energy policy and the administration of justice, insisting that Nigeria had the natural and human resources required to achieve rapid economic transformation if properly managed.

“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 said.

Duke also spoke about his leadership record in Cross River State, saying his administration demonstrated a commitment to building institutions capable of enduring beyond individual office holders.

He pledged that, if elected president, competence and integrity would take precedence over political patronage in the appointment of members of his administration.

“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.