Mr Osahenkhoe emphasised the need for the federal government to take such steps to revamp the economy.
A financial expert, Uche Uwaleke, says the Monetary Policy Committee of the Central Bank of Nigeria is likely to raise interest rates again.
Mr Adelekan emphasised that a strong repayment history would enhance access to higher levels of funding that would enable the expansion of small businesses
“We have been spraying money during social occasions for decades, and it is part of our culture,” said a financial expert.
Nigeria’s total public debt stock hit N87.91 trillion ($114.35 billion) in Sept. 2023, according to the latest figures from the DMO.
Mr Moghalu said the decision was logical because affected departments primarily oversee market entities in Lagos.
The meeting was earlier scheduled to be held on September 25 and 26.
The CBN has announced that the 292nd meeting of the MPC will be held on Monday and Tuesday, to be chaired by Folashodun Shonubi, the acting governor of the CBN.
Loan sharks are digital lending platforms that offer loans at extremely high-interest rates and often use threats to collect debts.
The financial expert said the decision would help tighten the circulation of funds in the country.
