Fact Check
FACT-CHECK: Did Nigeria’s economy lose N500bn to #EndBadGovernance protest on day 1?
Claim: Nigeria’s economy loses N500 billion in a single day as a result of nationwide #EndBadGovernance protest.
Verdict: Misleading. Economic experts have only made predictions; no reliable record has shown that the Nigerian economy has incurred a N500 billion loss due to the nationwide hunger protest.
Full Text:
Reports in media outlets recently claim that Nigeria’s economy has suffered a loss amounting to N500 billion in a day.
The reports, headlined, “Nigeria economy loses N500 billion in a single day as a result of nationwide #EndBadGovernance protest” first appeared online on 1st August.
Thousands of Nigerians across the country are protesting against economic hardship; demonstrators say the rally will span 10 days to demand reversal of subsidy removed on fuel, and hike tuition for university students, among other things to bring the cost of living to the barest minimum for an average citizen.
READ ALSO:FACT CHECK: Is video showing ‘Say No To Protest’ women receiving money authentic?
The first day of the protest began on Thursday, with protesters trooping out in streets across different states, including Abuja, the federal capital.
A screenshot of misleading headlines in online platforms
Verification:
Ripples Nigeria gathered that the Chief Executive Officer (CEO), Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has predicted that the nationwide protests against bad government can inflict an estimated daily loss of N400 billion.
In a press release in Lagos last week Thursday, the CPPE CEO said: “The proposed nationwide protests portends grave dangers for an economy which is already in a very fragile state. The protests could inflict an estimated daily loss of N400 billion, if not properly managed.
“There is a high risk of shutdowns and disruptions in major sectors of the economy. This is in addition to risks to lives and properties of innocent citizens and corporate bodies.
He added, “Prolonged protests create opportunities for hoodlums, miscreants, and other criminal elements in the society to build momentum to unleash mayhem and destruction on the country.”
Conclusion:
While the economic expert who spoke with journalists prior to the protest made prediction of N400 billion economic loss daily, some media outlets have asserted in their headlines that the lose of N500 billion has been incurred in a single day.
While the reports maintained a predictive statement in the body of the story, we found no record that supports the definitive headline.
By: Quadri Yahya
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