The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, the Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the Minister of Petroleum Oil, Heineken Lokpobiri, on Wednesday appeared before a Senate Adhoc committee investigating alleged economic sabotage in the Nigeria Petroleum industry.
The trio faced a grilling session led by the Chairman and leader of the Senate, Senator Opeyemi Bamidele, who warned that no one would be exempted from scrutiny in the ongoing investigation.
The probe aims to determine the level of compliance of the NNPCL’s Direct Sale and Direct Purchase arrangements with the provisions of the Petroleum Industry Act.
In a related development, Cardoso assured Nigerians and private sector investors that interest rates would soon come down from the current 30 percent. He attributed the current interest rate to the Monetary Policy Committee’s focus on data, not emotions.
“The MPC has made it very clear that for them, the major issue is taming inflation. They have also made it very clear that they will do whatever is necessary to tame inflation,” Cardoso said.
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He added that the interest rate hike was a painful but necessary measure to stabilize the economy, and that it would not remain forever.
“To the extent that the right policies are used, and obviously, with the results we’ve seen, the right policies are being used. I believe that in the not too distant future, things will begin to modulate, and interest rates will come down.”he said.
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