Nigeria’s Population Tripled Without Corresponding Economic Expansion Since Shagari Era -Duke

Nigeria’s population tripled without corresponding economic expansion since Shagari era -Duke

Former Cross River state governor and presidential candidate of Peoples Redemption Party (PRP), Donald Duke, has said Nigeria’s economy has effectively shrunk since the Second Republic because government spending and productive capacity have failed to grow in line with the country’s population.

Duke said Nigeria was still operating around the same dollar-denominated budget recorded under former President Shehu Shagari more than four decades ago, despite its population increasing from about 76 million to an estimated 230 million.

Speaking to journalists in Abuja, he blamed the country’s worsening cost-of-living crisis on decades of neglect of productivity.

“I think we got it wrong from independence, but as the years go by, the effects become stark. We have not addressed the issue of productivity,” he said.

Duke said Shagari’s administration operated an average annual budget of about $25 billion between 1979 and 1983, when Nigeria’s population was approximately one-third of its present size.

“Today, our population, they say, is about 230 million people. We are still spending the same $25 billion that Shagari spent 46 years ago,” he said.

“All these trillions and trillions, by the time you convert them, you come down to the same thing.

“In essence, the economy has not grown. In fact, it has shrunk because $25 billion in 1979 or 1980 is not the same as $25 billion today.”

He said the consequences could be seen in widespread poverty, unemployment, insecurity and the desperation of millions of Nigerians struggling to survive.