Hanke said Nigeria and Nigerians will remain entrapped in poverty, inflation and violence as long as its government is standing.
A U.S. Professor of Applied Economics, Steve Hanke, has lambasted President Muhammadu Buhari, saying that he spent his eight years in office for naptime and conducted a flawed election to make his man, Bola Tinubu, the heir to his “throne of corruption.”
Hanke said Nigeria and Nigerians will remain entrapped in poverty, inflation and violence as long as its government is standing.
He also described the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, as “incompetent,” saying he has continued to tank Nigeria’s naira.
Writing on his Twitter page, Hanke said, “Nigeria will remain entrapped in poverty, inflation, and violence for as long as its government is standing. 8 yrs of naptime was not enough for Pres Buhari: he led a flawed election in which his man, Bola Tinubu, became the heir to his throne of corruption.”
According to him, “Nigeria's inflation woes have caused an economic catastrophe. Today, I accurately measured Nigeria's inflation at 43.25%/yr. The only thing that can save Nigeria is a currency board, like the one it had from 1912-1959.”
He noted that “#Nigeria's black-market premium at 67.04%. At such a high BMP, insiders can use the official rate to buy USD cheaply & sell them on the black market for profits. Nigeria’s incompetent central bank governor, Godwin Emefiele, continues to tank Nigeria’s naira.
“Since Jan 2022, the naira has #depreciated 25.97% against the USD. #Nigeria's incompetent central bank and its incompetent governor Godwin Emefiele continue to keep the naira in the tank.”