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?”
I have been reporting for several years now and I am very interested in visual news reportage with strong inclusion of photos and video multimedia.
Posted: at 12-09-2016 11:42 AM (8 years ago) | Addicted Hero
D Royce Ross u jt acquire was it on bank loan too? If no then where did u get d money from? Don't ever think wen u a good, responsible and trustworthy govt come on board get ready to answer to some nice question wit a cup of tea from EFCC dat will not work for govt to their enemies only. Thief dey call person name.
Posted: at 12-09-2016 01:02 PM (8 years ago) | Addicted Hero
Keep beating around the bush.. Confront buhari and tell him to stop borrowing and make use of the recovered stolen funds.. At the end of this present administration if the incoming refuse to probe this administration thunder wey go fire them,no need do press up. As them keep Nigerians on stand still.
Posted: at 12-09-2016 08:49 PM (8 years ago) | Hero
Keep beating around the bush.. Confront buhari and tell him to stop borrowing and make use of the recovered stolen funds.. At the end of this present administration if the incoming refuse to probe this administration thunder wey go fire them,no need do press up. As them keep Nigerians on stand still.
. Dumb contributor. The money recovered so far is not even enough to pay one month salary of Federal civil Servants.
Posted: at 12-09-2016 09:02 PM (8 years ago) | Gistmaniac
Keep beating around the bush.. Confront buhari and tell him to stop borrowing and make use of the recovered stolen funds.. At the end of this present administration if the incoming refuse to probe this administration thunder wey go fire them,no need do press up. As them keep Nigerians on stand still.
. Dumb contributor. The money recovered so far is not even enough to pay one month salary of Federal civil Servants.
Posted: at 12-09-2016 09:02 PM (8 years ago) | Gistmaniac
Don't ever think wen u a good, responsible and trustworthy govt come on board get ready to answer to some nice question wit a cup of tea from EFCC dat will not work for govt to their enemies only. Thief dey call person name. 
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