Donald Duke claims Nigeria's economy has shrunk since the Shagari era

Donald Duke, the former Cross River State governor and Peoples Redemption Party presidential candidate, has argued that Nigeria’s economy has effectively shrunk in real terms since the Second Republic. Speaking to journalists in Abuja, Duke noted that while the national population has grown from approximately 76 million in the late 1970s to an estimated 230 million today, government spending has failed to keep pace with this expansion.

Duke highlighted that the Shehu Shagari administration maintained an average annual budget of roughly $25 billion between 1979 and 1983. He contended that despite the massive increase in population, current dollar-denominated spending levels remain comparable to those levels from four decades ago. He attributed the country's worsening cost-of-living crisis, unemployment, and insecurity to a long-term failure to address national productivity.

While Duke argues the economy has shrunk due to inflation and lack of growth, recent budget figures show complexity; Nigeria’s 2024 budget is approximately $34 billion, and the approved 2026 budget is estimated at $48.8 billion when using official benchmark rates.