Lawmakers Tackle High Interest Rates, Delta Flood Crisis
Abuja, Nigeria—October 14, 2026—The House of Representatives on Tuesday advanced key motions aimed at easing the cost of doing business for small and medium enterprises, providing urgent relief to flood-ravaged communities in Delta State, and refining the legal framework governing federal polytechnics.
In a session focused on practical economic and humanitarian concerns, lawmakers highlighted the critical role of Micro, Small and Medium Enterprises (MSMEs) while calling for immediate federal intervention in flood-affected areas of the South-South.
Affordable Credit for SMEs
Sponsored by Rep. Bamidele Salam (Accord, Osun), the motion on reducing the cost of credit noted that MSMEs account for 96.9 percent of businesses, 46.32 percent of GDP, 87.9 percent of employment and 6.21 percent of exports, according to the 2021 SMEDAN-NBS survey.
Lawmakers expressed concern that commercial lending rates still range between 20 and 46 percent per annum, even after the Central Bank of Nigeria’s Monetary Policy Rate stood at 23 percent in September 2026.
High interest rates, stringent collateral demands and excessive documentation, they said, continue to stifle business growth and job creation.
The House therefore urged the Federal Government to approve special emergency funding for the Bank of Industry and SMEDAN to provide single-digit interest loans.
It also called on the CBN, in consultation with deposit money banks and SME associations, to review lending and risk-pricing policies for productive-sector SMEs.
The Federal Ministry of Industry, Trade and Investment was directed to convene an Emergency National Summit on Affordable SME Finance within 30 days.
The motion was referred to the relevant House committees on Industry, Banking, SMEs, Finance and National Planning.
Urgent Intervention for Delta Flooding
Rep. Francis Ejiroghene Waive (APC, Delta) moved a motion drawing attention to severe flooding that has submerged homes, businesses, and critical infrastructure in Ughelli North, Ughelli South and Udu Local Government Areas.
Particular concern was raised over the East-West Road, a major corridor linking Delta with Bayelsa, Rivers and Akwa Ibom states, where floodwaters washed away a substantial section of the highway, disrupting transportation and commerce.
The House urged the Federal Ministry of Works to mobilize technical and financial resources to restore the damaged sections of the road.
It also called on the National Emergency Management Agency (NEMA) to immediately deploy relief materials and emergency personnel to affected communities. The motion was referred to the Committees on Works, NEMA and Ecological Fund.
Polytechnic Act Recommitted
In legislative business, the House recommitted the Federal Polytechnics Act (Amendment) Bill, 2026, to the Committee of the Whole for further consideration.
The bill, earlier passed in March 2026, requires additional scrutiny of certain provisions in Sections 2, 8, and 31 of the principal Act to ensure administrative clarity and a more comprehensive legal framework. The motion was sponsored by Rep. Bello Isah Ambarura (ADC, Sokoto).
The plenary reflected the 10th Assembly’s continued focus on economic empowerment, disaster response and technical education reforms as part of its legislative agenda.
This report is based on official plenary highlights and resolutions of the House of Representatives on October 13, 2026.
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