Steve H. Hanke, a professor of applied economics at The Johns Hopkins University, said that Nigerian President Bola Tinubu is showcasing his $100 million private jet while Nigeria faces 114% year-over-year inflation. Hanke made his statement in an August 27 post on X.
"#NGAWatch: Pres. Tinubu flaunted his new $100M A330 private jet en route to France," said Hanke. "Meanwhile, I accurately measure Nigeria's inflation at a SHOCKING 114%/yr. TINUBU = ARROGANT, IGNORANT, & INCOMPETENT."
According to the BBC, Tinubu’s trip to France in his new Airbus A330 came just weeks after thousands of Nigerians participated in protests over rising costs and widespread hunger. Tinubu’s economic reforms, including ending a long-standing fuel subsidy, have contributed to inflation in Africa’s most populous country. The new jet is one of more than five aircraft in Tinubu’s presidential fleet.
World Politics Review reported that Nigerian citizens participated in "ten days of rage" from August 1 through August 10, taking to the streets to protest the country’s cost of living crisis and economic instability. Tens of thousands of citizens participated in the protests, and more than 1,000 were arrested.
Nicholas Anthony, a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives, said tensions related to the devaluation of the naira escalated in February. At that point, Nigerian officials pointed to cryptocurrency as the cause of the naira's fall. The Nigerian government invited employees from Binance, the largest crypto exchange in the world, to discuss the issue. However, Tigran Gambaryan and Nadeem Anjarwalla were detained and are now facing criminal charges. Anthony said the Nigerian government should take accountability for causing the naira’s devaluation through its "on-again, off-again price controls" rather than pointing fingers at the crypto industry.
CoinDesk reported that while Anjarwalla escaped from Nigeria, Gambaryan is facing money laundering charges and remains in Kuje prison where his health has deteriorated. He has collapsed in court and is unable to walk due to a herniated disc in his back. Gambaryan's family says he is being denied adequate medical treatment as well as appropriate access to his legal team. "Tigran has been unjustly held for close to half a year now," said Binance CEO Richard Teng. "He needs medical treatment before his conditions become permanent."
Hanke is founder and co-director of The Johns Hopkins University's Institute for Applied Economics, Global Health, and the Study of Business Enterprise, according to the university's website. He is also a senior fellow at both the Cato Institute and the Independent Institute. He previously served as a senior economist on President Reagan’s Council of Economic Advisers and as a senior adviser to the Joint Economic Committee of the U.S. Congress.
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