US economist debate on Twitter, counters Buhari’s inflation forecast

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Following President Muhammadu Buhari‘s presentation of 2021 Federal Budget Proposals to the Joint Session of the National Assembly, an American Economist, and others have made some countered comments.

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

The American economist, Dr. Steve Hanke, quoted  President Buhari as saying that Nigerians should be expecting 11.95% next year, 2021.

Dr. Hanke said the president must have pulled that number out of a hat, saying Nigeria’s inflation is currently 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.

The American’s tweet

.@MBuhari 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. pic.twitter.com/TVT6bQHdre

— Prof. Steve Hanke (@steve_hanke) October 13, 2020

Thank u for coming out on this that is how they have been lieing to the citizens

— Holayinka (@Holayinka142) October 13, 2020

“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.”