Leo DaSilva, a reality TV personality and businessman, has expressed worries about the financial difficulties of a company for which he helped raise money, pointing to the economic downturn and depreciation of the naira under President Bola Tinubu’s administration as major contributing factors.

DaSilva said in a post on his X (formerly Twitter) page that the company had now entered what he called “generational debt” as a result of adverse economic policies and rising interest rates.

He pointed out that the company’s financial situation was more stable prior to Tinubu taking office, but the steep drop in the value of the naira has made matters considerably worse.

DaSilva compared the present administration’s business environment to that of former President Muhammadu Buhari, emphasising how high loan payback rates, inflation, and the depreciating value of the currency have made it practically impossible for many enterprises to survive.

He voiced concerns about the growing cost of products and services, which has led to higher operating costs and more debt for businesses.

The difficulties that many Nigerian companies are currently facing due to economic volatility are reflected in his remarks.

Both small and large businesses are struggling to stay viable due to a volatile currency rate and rising borrowing rates.

Business owners and investors are pleading with the government to enact laws that encourage financial stability and assist faltering companies as economic changes proceed under Tinubu’s direction.

DaSilva’s comments contribute to the mounting worries about the current state of Nigeria’s economy.

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He tweeted;

“From experience let me give you one instance, stay with me. Not supporting anyone but just providing small context to the possibility. My company started trying to raise funding for some companies in 2019, let’s say company A.“

“International funding was $10m, interest was 5%, its almost like suicide. This incident after we did audit was what made me remove my hand from raising money for Nigerian businesses. I might not understand all the Economics but I know business. If we do not export more things, Naira will be killing many businesses and in turn.“

“It will take magic for people in our generation with big ideas that need funding to actually get good loans.“

“I don’t even want to speak about what we have gone through with the former CBN admin but that’s gist for another day. So it’s possible to actually crack with that money.“