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

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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.

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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.

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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.

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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

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Rupture In PDP Governors’ Forum deepens

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By Ojomah Austin.

 

The evolving fall-out, which comes barely days to the contentious National Executive Committee (NEC) of PDP, followed a back and forth between the Federal Capital Territory (FCT) Minister, Nyesom Wike and the Governors forum, who declared support for Rivers State governor, Siminalayi Fubara to be made leader of the party in the state.

After a meeting with some members of the party’s National Working Committee (NWC) in Bauchi on Wednesday, Governor Mohammed, said “According to our party’s constitution, any leadership vacancy should be filled by someone from the region where it originated,” stressing that Damagum would be replaced soon considering that he hails from North East and not the North Central.

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Same day, Makinde, during the groundbreaking of the upgrading of Ladoke Akintola Airport, Ibadan, to an international airport, which was attended by another set of NWC members, led by Damagum, said he would support whatever decision the Damagum-led NWC would take to reposition the party.

Damagum, who is considered a close ally of Nyesom Wike, the Federal Capital Territory (FCT) Minister, was appointed acting national chairman after the removal of Iyorchia Ayu in June 2023.

Meanwhile, the Board of Trustees (BoT) of the PDP led by Senator Adolph Wabara, met with members of the National Assembly caucus in Abuja.

The close door meeting comes barely hours after the BoT met with Wike in Abuja.

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While Wabara refused to comment on the essence of the meeting with the lawmakers, it was noticed that most of the lawmakers didn’t honour the invitation.

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Tears As Man Takes Own Life Over Tinubu’s Govt Hardship

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By Mario Deepromoter

Sad development in Marika village, Kiyawa Local Government, Jigawa, where a 40-year-old man, Jibrin Adamu, committed suicide by hanging himself.

According to eyewitnesses, Adamu’s lifeless body was discovered in a classroom at Miftahul Khairat Islamiyya and Primary School Gurdiba on Thursday.

Police spokesperson DSP Lawan Shiisu Adam confirmed the incident, stating that preliminary investigations revealed Adamu had struggled with mental health issues.

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“Police received a report on Thursday that at about 1830hrs, a tragic incident was reported at the Command headquarters that one Jibrin Adamu ‘m’ age 40yrs of Jigawar Maroka village, Kiyawa LGA has committed suicide by hanging himself over the ceiling at Islamiyya school,” the Police spokesperson told Daily Post.

The Jigawa State Commissioner of Police, CP AT Abdullahi, has instructed officers to conduct a thorough investigation into the incident.

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Just in: Dangote Petrol Now Available at N765.99 Per Litre

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By Mario Deepromoter

11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote Petrol through Nigerian National Company (NNPC) Trading Limited for N765.99 to retail outlets nationwide.

Findings showed some petroleum marketers who were able to complete their payment process on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

Tunji Oyebanji, managing director, 11Plc confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC who remain the sole off-taker of product.

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“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.

It was gathered that NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.

He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol”.

Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive at the time of writing this report.

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See also Nigeria’s Petrol Landing Cost Revealed
Adedapo Segun, executive vice-president, downstream at NNPC said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.

“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.

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“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”

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