An American Professor and Economist, Steve Hanke has lashed out at Bola Tinubu stressing that the President remains clueless in the face of hardship affecting Nigerians.
Hanke, who is a critic of the President in a post on X indicates that the problem with Nigeria is its inability to "control the money supply which is growing at an alarming rate of 56.1%/yr".
"The Central Bank of Nigeria slashed interest rates and lifted its ban on lending to banks. PROBLEM: NGA can't control its money supply, which is growing at 56.1%/yr. As a result, inflation continues to SURGE at 114%/yr by my measure. Pres. Tinubu REMAINS CLUELESS," his post reads.
In a series of posts earlier in August, Hanke described Tinubu as an economic disaster who has performed woefully in his first year in office.
He highlighted the report by the Economist Intelligence Unit (EIU) 2024 Global Livability Index, which ranks Lagos 170 out of 173 cities.
"Of the 173 cities in @TheEIU's 2024 Global Livability Index, Lagos, Nigeria ranks a dismal 170.
No surprise. Today, I measure inflation in Nigeria at a punishing 108% per year.
Pres. Tinubu = Master of economic disaster."
Steve Hanke also noted that the Nigerian naira is the 8th worst currency in the world, as a result of a 21% depreciation against the US dollar.
"#NGAWatch🇳🇬: Economic disaster master Tinubu strikes back.
On this week's Hanke's #CurrencyWatchlist, the Nigerian naira is the 8th worst currency in the world. It has depreciated by ~21% against the USD since Jan-24."
In another post, the Professor mentioned that Nigeria's inflation is currently at 107%, which is higher than the 34% the government officials quoted.
"#NGAWatch🇳🇬: Today, I accurately measure Nigeria's inflation at 107% per year, 3 times higher than its rubbish official rate of 34.0% per year.
Pres. Tinubu = A masterclass in economic incompetence."
Nigeria is currently experiencing an economic crisis, with citizens lamenting their predicament.
Some Nigerians have announced plans to embark on a protest to express their discomfort with the hardship in the country.
Traders, businessmen, and workers continue to call on President Bola Tinubu to address the problems, following his promises of renewed hope.
#NGAWatch🇳🇬: The Central Bank of Nigeria slashed interest rates and lifted its ban on lending to banks.
— Steve Hanke (@steve_hanke) August 31, 2024
PROBLEM: NGA can't control its money supply, which is growing at 56.1%/yr. As a result, inflation continues to SURGE at 114%/yr by my measure.
Pres. Tinubu REMAINS CLUELESS. pic.twitter.com/S1KYYQAjxq
