As Emir of Kano, Muhammadu Sanusi II, shared via his official Instagram page. Read below…
“When
the minister is there, you tell them, “You know, Hon. Minister, Nigeria
is very lucky to have you in office.” No! You tell the minister that
you are doing well, but, you know there are these areas that you must
change. If a policy is wrong, it is wrong. Nothing will make it right.
And it has to be changed. So, this is what we did. Look at real sector
wages. It was not just Nigeria, it was all over Africa. Look at
sovereign debt fuelling 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?”
https://amazingreveal.com/blog/2016/09/11/there-are-supposedly-rich-nigerians-who-have-everything-about-them-financed-by-bank-debts-emir-of-kano-m-sanusi-ii/
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