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| Emir of kano |
The Emir of Kano, Muhammed Sanusi II, has condemn some Nigerians who
show off their wealth , saying some of them obtain 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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