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?"
0 comments: