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US Economist Steve Hanke Slams President Tinubu Over Multi-Million-Dollar Jet Purchase Amid Hardship, Soaring Inflation

An American professor of applied economics at Johns Hopkins University, Steve Hanke, has criticised Nigerian President, Bola Tinubu for purchasing a new presidential jet amidst the country’s economic challenges.
Hanke’s criticism comes in light of Tinubu’s recent acquisition of a $150 million Airbus A330 private jet, which the Nigerian leader recently flew to France.
Hanke, known for his expertise in inflation analysis, described the current state of Nigeria’s economy as alarming, stating the country’s soaring inflation rate.
According to Hanke’s assertions, Nigeria’s inflation stands at a staggering 114% per year, far higher than the official figures, as stated on his X account on Tuesday.
Hanke labelled President Tinubu as “arrogant, ignorant, and incompetent,” criticising the Nigerian leader for prioritising luxury at a time when many Nigerians face economic hardship.
“Tinubu flaunted his new $100 million A330 private jet en route to France. Meanwhile, I accurately measure Nigeria’s inflation at a SHOCKING 114% per year,” Hanke stated.
President Tinubu last Monday embarked on a trip to France and returned on Friday, four days later.
This followed the recent release of the aircraft, which was one of the three presidential jets recently confiscated by a French court in favour of a Chinese firm over a dispute with Ogun State Government.
SaharaReporters recently reported that Zhongshan Fucheng Industrial Investment Co. Limited had announced the release of one of the three presidential aircraft belonging to Nigeria, which had been detained in France.
The Chinese company characterised the release of the aircraft as a goodwill gesture, citing the upcoming meeting between President Tinubu and French President Emmanuel Macron at the time.
The company stated that it recognised the significance of the aircraft for the diplomatic engagement and took steps to ensure its availability, thereby facilitating the meeting.
In July, SaharaReporters reported the aircraft was in France and had been spotted at an advanced stage of preparation. The plane had been assigned a tail registration featuring the seal of the President of the Federal Republic of Nigeria and was ready for delivery.
The aircraft in question is an ACJ330-200, VP-CAC (msn 1053), registered as 5N-FGA.
It features a bedroom with an en-suite bathroom at the front, followed by an office and a conference and dining room. It also has an airline-style first-class and economy seating at the rear.
https://x.com/steve_hanke/status/1828417178233672036
News
Zed-Faith Foundation Donates Food, Medical Supplies to Orphanage, Elderly Homes in FCT

By Kayode Sanni-Arewa
In a bid to ease the impact of rising food prices and economic hardship, the Zed-Faith Foundation International has donated food items and medical supplies to Ark of Refuge Orphanage and Old People’s Home in Kado, Abuja.
The items were distributed over the weekend by representatives of the Foundation on behalf of its Founder and Chairman, Amb. Daniel Onyeka Newman, a UK-based Nigerian and Chief Executive Officer of SBI.
The Foundation’s Media Consultant, Amb. Victor Atewe, who led the delegation, said the donation was a personal initiative by the Chairman and not funded by government or external bodies.
“These items are intended to directly support the children and elderly, and we trust they will be used solely for that purpose,” Atewe said.
He added that the Foundation plans to continue its outreach efforts across the country, noting that the economic situation has made daily survival increasingly difficult for vulnerable groups.
The Foundation also used the occasion to urge the federal government to collaborate more with credible non-governmental organisations in supporting disadvantaged populations, especially as inflation and food insecurity worsen.
Speaking on behalf of the Country Representative, Mr. Chinnaya Dominic Chikwado, the Foundation’s Administrative Officer, Mr. Udodirim Okorie, called on well-meaning Nigerians to support charitable causes and contribute to alleviating the burden on those most affected by the country’s economic crisis.
Representatives of the Old People’s Home and Ark of Refuge Orphanage expressed appreciation for the gesture, describing it as timely and impactful. They noted that such support helps bridge the gap in essential services for the elderly and children in their care.
“This donation will go a long way in meeting our daily needs.”
“We thank the Foundation for its continued support, especially during such challenging times.”
“Even the smallest gesture makes a big difference to those who have no one else to turn to.”
“We hope others are inspired to follow suit and remember those most in need.”
News
May Day: Senator Manu celebrates with Nigerian workers

The Senator representing Taraba Central Senatorial District, Manu Haruna celebrates May Day with Nigerian workers in Taraba and across Nigeria.
Senator Manu in a congratulatory letter to all Nigerian workers said:
“Your labour towards building a virile nation shall never be in vain as you celebrate May Day today in Nigeria and across the globe.
The former Taraba State Deputy Governor acknowledged the invaluable contributions of workers across various sectors and emphasized their crucial role in driving the nation’s development and progress.
He encouraged continued solidarity among workers while advocating for better working conditions, fair wages, and enhanced opportunities.
News
Ibas Pledges Commitment to Workers’ Welfare

The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas, has reaffirmed his commitment to improving the welfare of workers across the state.
This assurance was given during a meeting with the leadership of organised labour unions held at the Government House in Port Harcourt.
According to a statement issued by the Senior Special Adviser on Media to the Administrator, Hector Igbikiowubo, the meeting served as a platform for open and constructive dialogue on critical labour matters.
The statement outlined key areas of intervention currently being addressed by the government.
These, he said, included the timely payment of salaries and pensions, as well as the resolution of salary arrears, with approval already granted for the payment of newly employed workers at the Rivers State University Teaching Hospital and the judiciary.
Similarly, he said medical workers in the local government areas would receive their proper wages.
He said the minimum wage was being implemented for all local government employees across the state.
The administrator also noted that his administration was currently reviewing challenges related to the contributory pension scheme, ahead of the July 2025 implementation deadline.
Ibas disclosed that plans were underway to expand the fleet of intervention buses reintroduced to ease the transportation burden of workers.
On capacity building, the administrator announced that specialised leadership training for senior civil servants would begin within the next two weeks.
He also revealed that the government was actively considering the implementation of the N32,000 consequential pension adjustment, along with measures to clear outstanding gratuities owed to retirees.
While commending workers for their dedication to service, he called for continued collaboration with labour unions to ensure lasting industrial harmony in the state.
According to the statement, the State Chairman of the Nigeria Labour Congress (NLC), Alex Agwanwor, expressed appreciation to the administrator for the steps already taken to promote workers’ welfare.
Agwanwor also lauded the government’s openness to dialogue and pledged the sustained support and cooperation of labour unions in achieving shared goals.
Meanwhile the NLC has directed its members in the state to observe the International Workers’ Day as a peaceful rally, which is expected to be held within the premises of the union, involving all affiliate unions, and would focus on advocating for the restoration of democratic governance in the state.
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