The national leader of the All Progressives Congress (APC), Bola Tinubu, is of the opinion that if the COVID-19 crisis is to have any positive economic aspect, then it should be that Nigeria used this moment to drive down interest rates.
Chief Tinubu in a lengthy communique on Sunday, advised the Federal Government to avail tax reliefs that would aid financial institutions in the country to reduce their interest rates.
In his statement, the elder statesman noted that by doing this, the government will be saving the nation from a monumental drag on national economic growth.
According to him, lower rates will increase domestic investment and production, as well as create jobs.
While noting that lower rates may have some negative short-term impact on inflation and the exchange rate, the former governor of Lagos argued that the economic dislocations caused by the coronavirus will serve to mitigate those temporary negative consequences.