FACT CHECK: Did Nigerian economy lose N500 billion due to #EndBadGovernance protests on day one?

Claiming:Nigeria’s economy loses N500 billion in one day as a result of the #EndBadGovernance nationwide protests.

The indictment: Misleading. Economists are just making predictions; there is no credible record to show that the Nigerian economy has suffered a loss of N500 billion due to the hunger protests across the country.

Full Text:

Recent media reports claim that the Nigerian economy has suffered a loss of N500 billion in a day.

That reportThe headline, “Nigeria’s economy loses N500 billion in a day as nationwide protests #EndBadGovernance” was first published on line on August 1st.

Thousands of Nigerians across the country are protesting economic hardship; demonstrators say the rallies will last for 10 days to demand the removal of fuel subsidies, and an increase in university tuition fees, among other demands to lower the cost of living to a minimum for the average citizen.

READ ALSO: FACT CHECK: Is the video showing the ‘Say No to Protest’ woman receiving money true?

The first day of protests began on Thursday, with protesters taking to the streets in various states, including Abuja, the federal capital.

Verification:

Ripples Nigeria gathered that the Chief Executive Officer (CEO), Centre for Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has predicted that the nationwide protest against bad governance could incur an estimated daily loss of N400 billion.

In a press release in Lagos on Thursday last week, the CPPE CEO said: “The proposed nationwide protests pose a grave danger to an economy that is already in a very fragile state. The protests could incur a daily loss of about N400 billion, if not managed well.

“There is a high risk of shutdown and disruption in key sectors of the economy. This does not include the risk to the lives and property of innocent citizens and businesses.

He added, “The protracted protests create an opportunity for criminals, petty criminals and other criminal elements in society to build momentum to unleash chaos and destruction in the country.”

Conclusion:

While economists who spoke to journalists before the protests predicted economic losses of N400 billion daily, some media outlets have asserted in their headlines that losses of N500 billion have been incurred in a single day.

While the report contains predictive statements in the body of the story, we found no records to support the definitive headline.

By: Quadri Yahya

FACT-CHECK: Did Nigerian economy lose N500 billion to #EndBadGovernance protests on day one? first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.