American economist, Steve Hanke knocked Chief Bola Ahmed Tinubu for his administration’s continued reliance on debt, saying that he is “addicted to debt.”
In a post on his official X handle, Hanke highlighted Nigeria’s recent $500 million loan from the World Bank. He expressed concern that the government is overly dependent on loans, which may be challenging to repay.
Recall that the Bureau of Public Enterprises (BPE) announced that Tinubu’s govenment secured a $500 million loan from the World Bank to address the problems faced by the 76 Distribution Companies (DisCos).
The funding approved by the World Bank Board of Directors, supports the Nigerian Distribution Sector Recovery Program (DISREP} aimed at improving the financial and technical performance of the DisCos.
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The professor of applied economics stated, “Nigeria’s Tinubu is addicted to debt.
“Nigeria has just taken another $500M loan from the World Bank.
“Tinubu only knows how to do one thing = pass the begging bowl, ” he added.
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