Donald Duke calls for financial system overhaul, faults high interest rates and rising debt
The presidential candidate of the Peoples Redemption Party (PRP) in the 2027 general election, Donald Duke, has called for a comprehensive overhaul of Nigeria’s financial system, blaming high interest rates, rising public debt and inefficient government spending for the challenges facing businesses and the wider economy.
Duke, a former governor of Cross River State, said Nigeria urgently needed bold economic reforms centred on affordable credit, prudent public spending, energy security and stronger institutions to boost productivity, restore investor confidence and place the economy on a sustainable growth path.
Speaking during an interview, Duke said prevailing lending rates were making meaningful economic expansion increasingly difficult for businesses.
He argued that no economy could achieve sustainable growth when the cost of borrowing remained excessively high, stressing that his administration, if elected, would prioritise a financial system capable of supporting productive activities.
“With interest rates in the upper 30s, you are undermining the economy. You cannot grow an economy with borrowing costs at that level,” he said.
Duke added that affordable credit was essential for economic growth, while attributing inflationary pressures largely to what he described as the high cost of government and poor economic management.
The former governor also criticised government spending priorities, calling for a shift in public expenditure towards sectors capable of increasing productivity, improving citizens’ welfare and creating jobs.
He said greater investment should be directed towards electricity, healthcare, education and the judiciary rather than projects with limited economic returns.
According to Duke, strengthening these critical sectors would have a multiplier effect by improving human capital, supporting businesses, attracting investment and creating an environment for sustainable development.
He also called for reforms to Nigeria’s revenue generation system, energy policy and administration of justice.
Duke said Nigeria possesses sufficient energy resources to drive 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,” he said.
He added that prudent public spending, an efficient tax system and a reliable judiciary would help unlock Nigeria’s economic potential.
Governance and appointments
On governance, Duke defended his record as Cross River State governor, saying his administration focused on building institutions that could outlast individual political administrations.
He said he would apply the same philosophy at the federal level if elected, with competence and integrity taking precedence over political patronage.
According to him, political considerations should no longer determine who occupies critical government positions after elections.
“Politics ends after the election. Governance begins with assembling the best hands to move the country forward,” Duke said.
He maintained that public appointments should be based on competence and integrity rather than political loyalty, adding that every public official should be committed to leaving the country better than they found it.
Duke’s comments come amid continuing concerns over high borrowing costs, Nigeria’s rising debt profile and the ability of businesses to access affordable financing as policymakers attempt to balance inflation management with economic growth.
The PRP candidate argued that Nigeria’s economic challenges could not be addressed through monetary policy alone.
He said fiscal discipline, reliable energy supply, institutional reforms and affordable financing must work together to create an environment where businesses and households can thrive.
Duke also stressed the need to restore confidence in public institutions, saying investors would be more willing to commit capital to Nigeria if the tax system was efficient, electricity supply was reliable and the judiciary could provide timely and credible resolution of disputes.
He said his proposed reforms would ultimately seek to move Nigeria away from an economy constrained by high costs and weak productivity towards one driven by investment, enterprise and sustainable economic growth.
