The Emir of Kano, Muhammed Sanusi II, has condemn some Nigerians who showcase wealth , saying some of them live 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?”
THIS RENOWNED HERBALIST HELPED ME BURY MY WIFE, MY FATHER IN LAW HAD REFUSED AS THE BODY OVERSTAID IN THE MOGUE FOR A MONTH
MY IN LAWS ACCUSED ME OF INFECTING MY HUSBAND WITH CANCER, HIS HEALTH DETORIATED BEFORE SEEKING HELP FROM MUGWENU DOCTORS
I HAD NO PEACE AT WORK, MY BOSS FREQUENTLY TALKED ILL OF ME HE SOMETIMES THREATENED TO SACK ME
MY IN LAWS TOOK MY HUSBAND BUSINESS SOON AS HE DIED, THEY SAID I HAD NO SHARE OF THE BUSINESS
Curvy Woman Caught Sleeping With 13-year-old, See Why She Did It (Details below)
Panic as Boko Haram Gives Nigerian Government One Week to do This Or Else (Details below)
SHOCKING: Man Who Divorced His Wife And Married The Maid Explains Why He Did it (Details below)
Bombshell as Bandits Reveals Secret Agreement Made With President Buhari (Details below)
- Lifestyle1 day ago
END TIME: Students Practicing Lesbianism… Sucks Each Other Breast (Video below)
- Crime2 days ago
SHOCKING: After Spending 17- year In Prison, See What This Man Did To The Police Oficers That Arrested Him And Took Away His Wife (Details below)
- Lifestyle2 days ago
Two Lovers Found Dead in Their Apartment, See What Was Found Beside Them (Video below)
- Crime16 hours ago
Meet the Nigerian Pastors That Have Been Sentenced To Death( No 1 Was A Redeem Pastor)