Nigeria's main opposition People's Democratic Party (PDP) made the allegations in a statement shared on social media after a meeting of its state governors on Monday January 17, 2022. The PDP claimed that the economy has drastically deteriorated since 2015 when the ruling All Progressives Congress (APC) took over.
“Debt Servicing now under APC takes over 98% of the Federal budget. The tales of woe is endless (sic),” the statement posted on Facebook reads.
The post makes several other claims about the size of the economy, the price of petrol and the rise in unemployment under the APC.
Although some of the figures are correct, others have proven either misleading or false including the debt servicing figure. AFP Fact Check has debunked key claims below:
It is true that Nigeria’s debt profile has grown significantly under the APC. But the claim that 98 percent of the federal budget goes to debt servicing is false. According to the 2021 budget, the government set aside 3.324 trillion naira (US$8 billion) was set aside for debt service. This is only 24.4 percent of the total N13.6 trillion budget. For 2022, N3.88 trillion...
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