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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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SAD! APC lawmaker dies while asleep

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The lawmaker representing Kaura Namoda South Constituency in the Zamfara State House of Assembly, Aminu Ibrahim Kasuwar-Daji, has died.

It was gathered that the lawmaker passed on in his sleep during the early hours of Wednesday.

Aminu Ibrahim Kasuwar-Daji’s sudden death came as a shock to many in the state, especially his colleagues and political associates.

The All Progressives Congress (APC) in Zamfara, the party under which he was elected, expressed deep sorrow over his passage.

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Members of the party, including the State Working Committee and other supporters, described his death as a great loss.

They said he was known for his dedication and honesty in serving his people.

His family, community members in Kaura Namoda South, and fellow lawmakers have been thrown into mourning as preparations for his burial began.

According to Islamic rites, he was buried today at 3:00 pm in his hometown of Kasuwar-Daji, located in the Kaura Namoda Local Government Area.

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Many in the state have continued to express grief as they remember the role he played in representing the people and contributing to the work of the state assembly.

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Just in: Sam Olumekun takes over as INEC’s Acting Chairman

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Mr. Sam Olumekun has taken over at the Independent National Electoral Commission (INEC) as Acting Chairman.

Olumekun is INEC’s National Commissioner in charge of Information and Voter Education.

He performed his first duties today, receiving a high-level delegation of the Labour Party (LP) at the Commission’s headquarters in Abuja with other National Commissioners in attendance.

The delegation was led by Abia State Governor Dr. Alex Otti, who visited the Commission to discuss key developments within the Labour Party.

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It was gathered that both parties engaged in discussions centered on enhancing collaboration and reinforcing democratic values.

During the visit, Governor Otti formally presented a Certified True Copy of the recent Supreme Court judgment concerning the party’s leadership.

He noted that the meeting was aimed at fostering clarity, mutual understanding, and institutional alignment regarding the Labour Party’s current structure.

Mr. Olumekun, the Acting INEC Chairman, reaffirmed the Commission’s unwavering commitment to neutrality, transparency, and the rule of law in the discharge of its constitutional responsibilities.

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Recall that a viral WhatsApp message had indicated that Prof. Mahmood was sacked by President Bola Tinubu and replaced with one Prof. Bashiru Olamilekan.

“INEC Chairman Prof. Mahmud Yakubu has been replaced with Prof. Bashiru Olamilekan by President Tinubu,” the message, which had no attribution, read. However, both INEC and the Presidency debunked the widespread report.

Yakubu, who is rounding off his second tenure in office, is expected to exit the system towards the end of this year.

The process of appointing an INEC chairman is the President nominating a candidate and forwarding his particulars to the Department of State Services (DSS) for profiling.

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After such screening, the President, thereafter, takes the name to the National Council of State for its advisory review.

Based on the outcome, the President sends the name to the Senate for screening and confirmation.

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Crude oil prices slide further, now selling below $57

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Crude oil prices have dropped below $57, following a previous rate of $59.78.

This decline coincides with the imposition of tariffs on several countries by US President Donald Trump.

A report from West Texas Intermediate attributes this price slump to consistent 6% reductions observed last week.

JPMorgan Chase & Co has warned that these tariffs could likely push both the US and global economies into a recession this year.

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The financial institution explained that the tariffs, set to take effect this week, are expected to have widespread economic repercussions.

Market analysts and the business community have expressed concerns about the negative implications of these measures, predicting a slowdown in economic activities and a subsequent decline in oil demand.

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