This claim presupposes evolution with the many transitional series required; it is not based on the actual evidence of fossils. As I point out in my book Refuting Evolution 2:

However, the known record of extinct and extant species does not support this. The number of fossil species actually found is estimated to be about 250,000, while there are about three million living ‘species,’ or even more, depending on who’s telling the story. But if this >95% claim were correct, we would expect many more fossil species than living ones.

The only plausible explanation is evolutionary bias. For evolution to be true, there would have been innumerable transitional forms between different types of creatures. Therefore, for every known fossil species, many more must have existed to connect it to its ancestors and descendents. This is yet another example of evolutionary conclusions coming before the evidence. Really, the claim is an implicit admission that large numbers of transitional forms are predicted, which heightens the difficulty for evolutionists, given how few there are that even they could begin to claim were candidates.

Jonathan Sarfati, Brisbane