The Emir of Kano, Muhammed Sanusi II, has
condemn some Nigerians who showcase wealth
, saying some of them lives on loans from banks.
Sanusi, who took to his twitter handle, said,
“There are supposedly rich Nigerians who have
everything about them financed by bank debts.”
The tweet reads, “Look at sovereign debt fueling
growth. If you take the example of an individual.
You happen to know bank MDs and you can make a few phone calls and get loans. You borrow N1 billion here today and build a very
nice mansion in Abuja. You borrow another N1
billion and let your family go out on first class ticket as you are travelling all over the world.
You borrow another N5 to N6 billion and buy a
private jet. We have very many people in Nigeria
who you think are very rich. But, who are really
bankrupt, because everything about them are
being financed by bank debts.
“When one debt matures they have enough
connections to call another bank, borrow and refinance that debt. They are not earning anything.
“They have private jets. They have yachts. Their
families travel first class. They go abroad and stay in the most expensive hotels. It happens.
And it is happening today.
“What do you think of those people? When you
think about such people, do you think they are
foolish people? Or do you think they are wise people? So, what would you say of a country that does this? So, you feel growth by borrowing
money, pay salaries, people spend money on pure consumption spending, nothing is produced.
It’s fine. It’s short term. But, it is not sustainable. How much can you continue to
borrow and consume without producing?”
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