Leo DaSilva Reveals How Naira Depreciation Under President Tinubu’s Administration Affected Business

BBNaija star Leo DaSilva has spoken about the financial difficulties faced by a company he helped secure funding for, blaming the economic policies under President Bola Tinubu’s administration.

DaSilva revealed that the company has accumulated significant debt due to the depreciation of the naira and rising interest rates. Sharing his experience on X, he recounted how he helped raise $10 million in international funding for a business in 2019 but was shocked by the high 5% interest rate, which he described as “almost suicidal.”

He stressed that the current economic climate is making it difficult for Nigerian businesses to survive, warning that without affordable loans, many innovative companies could fail.

“If we do not export more things, the naira will keep killing many businesses,” he wrote. “It will take magic for people in our generation with big ideas that need funding to actually get good loans.”

DaSilva also hinted at challenges faced under the former Central Bank of Nigeria (CBN) administration but said that was “gist for another day.”