Business
Popular Reality Star Laments ‘Generational Debt’ Under Tinubu
By Gideon Ayeni
Reality TV star and entrepreneur, Leo DaSilva, has opened up about the devastating impact of the naira depreciation on businesses, revealing that a company he helped secure funding for has now fallen into what he described as “generational debt” under President Bola Tinubu’s administration.
Taking to his X (formerly Twitter) page, DaSilva detailed how the company initially secured international funding of $10 million at a 5% interest rate during former President Muhammadu Buhari’s tenure. However, the drastic depreciation of the naira under Tinubu’s leadership has led to massive financial losses, making it nearly impossible for businesses to thrive.
Reflecting on his experience, DaSilva stated that after conducting an audit, he made the tough decision to step away from raising funds for Nigerian businesses. According to him, without a significant increase in exports, the continuous decline of the naira will keep crippling businesses and limit access to favorable loans for young entrepreneurs with big ideas.
“It will take magic for people in our generation with big ideas that need funding to actually get good loans,” he tweeted.
The former BBNaija star also hinted at the challenges businesses faced under the previous administration of the Central Bank of Nigeria (CBN), stating that he had more revelations to share at a later time.
His remarks have sent the social media abuzz, with many Nigerians echoing similar frustrations over the economic hardships and the struggles of accessing funding for business growth in the country.
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