Former presidential candidate of the Labour Party , Mr. Peter Obi, has said that Aliko Dangote's recent outcry against the current interest rate of 30 per cent underscores his earlier concerns about the negative effects of the monetary policy of the present Federal Government. Obi had argued against the decision of the Monetary Policy Committee to increase the Monetary Policy Rate and the Cash Reserve Ratio to 22.5% and 45%, respectively.
'In February this year, I argued against the decision of the Monetary Policy Committee to increase the MPR to 22.5% and the CRR to 45%, which, in my opinion, would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, making it very difficult for manufacturers and MSMEs to borrow and repay.