Thursday, 1 December 2016

Benue State Seeks Review Of Apex Bank’s Loan Interest Rate

The Benue State government has appealed to the Central Bank of Nigeria (CBN) to reconsider its present 28% interest rate charged on loans to ensure smooth financial benefits to borrowers and better economic position for business operators.

Governor Samuel Ortom made the demand on Monday while declaring open a two-day CBN fair for stakeholders on promoting Financial Stability and Economic Development, holding at the Royal Choice Inn in Makurdi, the capital of Benue State.

Represented by the Commissioner for Trade, Industry and Investment, Mr Tersoo Kpelai, Governor Ortom applauded the initiative of the apex bank intervention policies which he said would in addition to lower lending rate, further improve the economy local businesses.

“I like to appeal to the Central Bank of Nigeria to consider lower lending rates from the present 28% charged on loans. If this is done, promoting and enhancing local businesses in this era of financial constraints, particularly desirous business owners in Benue State, will certainly sustaining the status of Benue as the food basket on Nigeria,” the Governor pointed out.

Mr Ortom commended the CBN for the introduction of systems that help in curtailing fraudulent transaction in the country, a platform the state have adequately deployed to control salary verification and payment.

“We have taken advantage of the CBN policy of Bank Verification Number and deployed it for the verification and payment of civil servant monthly salary and the application of the policy is working smoothly to enable us ascertain the financial expenditure with emphasis on staff salaries,” he said.

Governor Ortom further called on the CBN to strengthen its public enlightenment programme and extend it to the rural communities to avail themselves the opportunity to participate in economic recovery process.

Welcoming participants to the two-day fair, the CBN team leader, Mr Aliyu Katuka, stated that the intervention programme of the apex bank,was meant to boost economic growth of both the country and individuals by promoting their financial Base.

“This fair is organised by the Central Bank of Nigeria as part of intervention stimulus plan for local businesses with a view to grow both the nations’ economy and the participating individuals,” he explained.

Participants at the fair are drawn from both the military and para-military, civil servants, traders as well as religious and traditional institutions.

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