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Economist sparks debate on twitter, counters Buhari on inflation forecast for 2021

BY David Oladele

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An economist has reacted to President Buhari’s inflation forecast of 11.29% during budget 2021 presentation at a joint session of the National Assembly last week.

An American Economist, Steve Hanke, said that Nigeria’s inflation will circulate around 29.45% as against the 11.95% by the President.

Hanke is a Professor of Applied Economics and Founder & Co‐​Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore.

He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing

President Buhari in the budget presentation explained that Nigeria’s economy might relapse into a second recession in four years with significant negative consequences.

Hanke, quoted President Buhari as saying that Nigerians should be expecting 11.95% next year, 2021.

He (Hanke) said the president must have pulled that number out of a hat, saying Nigeria’s inflation is circling at 29.45%.

The economist who disclosed this via his verified Twitter handle said: “President Muhammadu Buhari announced in his 2021 budget proposal that he expects #Inflation to be 11.95%/yr next year.

“He must have pulled that number out of a hat. Today, I accurately measure #Nigeria’s inflation at 29.45%/yr. That’s almost triple the President’s finger in the wind forecast.”

The American’s tweet read:

Reacting to the president’s inflation report, other Twitter users said:

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