Former Cross River State Governor Donald Duke has delivered a stinging economic reality check, pointing out that Nigeria’s national spending power has effectively stagnated since the Second Republic despite a massive surge in population.
Speaking on the country’s deepening cost-of-living crisis, Duke highlighted a staggering statistic: back during President Shehu Shagari’s administration in the early 1980s, Nigeria operated on an average annual budget of about $25 billion while catering to roughly 76 million citizens. Today, with the population booming past 230 million people, the national budget still hovers around that same $25 billion mark in real dollar terms.
Duke argued that while today’s federal budgets sound impressive in trillions of naira, those numbers are simply a facade created by severe currency devaluation rather than actual economic expansion. When adjusted for global inflation and purchasing power, the nation’s overall economic engine has actually shrunk per capita, leaving millions to grapple with widespread poverty, massive unemployment, and relentless inflation.
The former governor stressed that the fundamental duty of any government is to foster a safe, secure, and enabling environment where every citizen can remain productive. He warned that without a clear national vision centered on manufacturing, job creation, and strategic public investments, the gap between population growth and economic capacity will continue to drive social instability.
Duke’s hard-hitting analysis serves as a vital reminder that true growth isn’t measured in inflated trillions, but in the real purchasing power and living standards of everyday citizens. Do you agree with Donald Duke’s perspective on Nigeria’s economic stagnation? Share your thoughts below!
