Former Vice-President Atiku Abubakar has criticised the Bola Tinubu administration over the declining purchasing power of Nigerians, arguing that economic hardship is making it increasingly difficult for households to afford homes, vehicles and other essential assets.
Atiku, the presidential candidate of the African Democratic Congress (ADC), made the remarks in a statement issued on Saturday by his Senior Special Assistant on Public Communication, Phrank Shaibu.
He was reacting to findings from the Central Bank of Nigeria’s (CBN) latest Household Expectations Survey, which he described as a “damning verdict” on the Federal Government’s economic policies.
According to the survey, buying conditions stood at 28.7 points for motor vehicles, 28.9 points for consumer durables and 30.0 points for buildings and landed property.
The survey also recorded a willingness-to-purchase index of 18.7 points for vehicles and 19.2 points for buildings and landed property.
Atiku said the figures were significant because they reflected the purchasing expectations and decisions of households surveyed by the apex bank.
“These are not figures manufactured by the opposition. They are the verdict of Nigerian households captured by the Central Bank under President Tinubu’s own government,” he said.
The former vice-president argued that the findings showed that the country’s economic challenges had gone beyond rising food prices and other necessities to affect households’ ability to save, invest and acquire assets.
“What the figures tell us is simple: Nigerians are being priced out of decent living. A home is becoming a fantasy. A car is becoming a luxury. Household appliances are increasingly beyond reach,” Atiku said.
He attributed the situation to rising household expenses, saying many families were spending most of their incomes on food, transport, electricity and school fees, leaving little room for savings or investment.
Atiku also cited the latest SBM Intelligence Jollof Index as an illustration of the pressure on household budgets.
According to the figure referenced in his statement, the ingredients required to prepare a pot of jollof rice for a family of five cost an average of ₦29,578.
Atiku compared the amount with Nigeria’s ₦70,000 minimum wage, arguing that the cost of preparing the meal could account for more than 40 per cent of a minimum-wage worker’s monthly earnings before other expenses such as housing, transport, electricity, education and healthcare.
He said the CBN survey and food-price data pointed to a wider problem of declining household purchasing power.
“Only recently, the Jollof Index told us what Tinubu’s economy has done to the Nigerian kitchen. Now the CBN survey is telling us what it has done to the Nigerian dream,” he said.
Atiku also criticised the government’s emphasis on macroeconomic indicators, arguing that improvements in areas such as gross domestic product growth and foreign reserves should not be regarded as sufficient evidence of economic recovery if households were still struggling to meet their basic needs.
“Government officials can celebrate GDP growth, foreign reserves and other statistics from air-conditioned conference rooms, but ordinary Nigerians have become unwilling economists, calculating every cup of rice, every litre of fuel and every transport fare before deciding what their families can afford,” he said.
He warned that weak consumer purchasing power could eventually affect businesses, production, employment and economic growth as demand for goods and services declined.
The ADC candidate said the success of economic reforms should ultimately be measured by whether citizens could afford basic necessities while gradually improving their living standards.
The Federal Government has continued to defend its economic reforms, including the removal of the petrol subsidy and changes to the foreign exchange regime, arguing that the measures are necessary to stabilise the economy, attract investment and create the conditions for sustainable growth.
The government has also cited improvements in some macroeconomic indicators as evidence that the reforms are producing results, although households continue to face high food, transport and other living costs.
Atiku, however, maintained that economic policy should ultimately be judged by its effect on citizens’ day-to-day lives.
He said the government should focus less on favourable headline statistics and more on the financial realities facing Nigerian households.
“President Tinubu has not merely increased the cost of living. He has increased the cost of dreaming,” Atiku said.
