Segun Akanni, Toronto, Canada 
President of the Senate, Bukola Saraki, has criticised commercial banks for the high interest rates they charge on loan facilities to Small and Medium Scale Enterprises.
Saraki said the Senate would this week discuss a motion on the interest rates on loans to customers, particularly entrepreneurs who needed borrowed funds to stay afloat and contribute to the Gross Domestic Product.
The Senate President said this in Ilorin, the Kwara State capital, on Saturday after the breaking of Ramadan fast, according to a statement issued by his media office.
He said, “If we genuinely want to stimulate local manufacturing and development of the small and medium enterprises to generate employment and help our national economy to recover from recession, then, people must be able to borrow money at reasonable interest rates. It is difficult for manufacturers to survive while borrowing at about 28 per cent.”
posted from Bloggeroid
