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

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.

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.