These niggas falling off like baggy clothes,

from Lil Wayne (Ft. Detail) – No Worries Lyrics on Rap Genius

Meaning

Baggy clothes are very loose so they’d fall off of your body when wearing them, he uses this to compare to these other people “falling off” or basically slacking on their rap game

In addition to baggy clothes literally falling off a person, they have recently gone out of style and “fallen off” as far as fashion goes…at least in Wayne’s mind

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