Former Vice President Atiku Abubakar has accused the President Bola Tinubu-led administration of worsening Nigerians’ purchasing power, saying many households are increasingly struggling to afford homes, vehicles and basic assets.
Atiku, in a statement issued on Saturday by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the latest Central Bank of Nigeria Household Expectations Survey showed that families were facing difficulties acquiring major household assets.
The former vice president described the survey as a reflection of the economic pressure faced by Nigerians, arguing that it contradicted claims of improved economic wellbeing.
According to the CBN survey cited by Atiku, 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.
He said the figures showed that the economic challenges facing Nigerians had gone beyond food prices and were now affecting their ability to save, invest and acquire assets.
“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,” Atiku said.
Atiku further linked the survey findings to rising food costs, citing the SBM Jollof Index, which estimated that preparing a pot of jollof rice for a family of five costs an average of ₦29,578.
He argued that the cost represented a significant portion of the ₦70,000 minimum wage, leaving many workers with limited resources for other essential needs.
“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.
The ADC presidential candidate also criticised the government’s focus on economic indicators such as GDP growth and foreign reserves, arguing that such figures must translate into improved living conditions for citizens.
However, the Federal Government has continued to defend its economic reforms, including petrol subsidy removal and foreign exchange market reforms, saying the measures are necessary to stabilise the economy, attract investment and create sustainable growth.
The administration has acknowledged the challenges caused by the transition period but maintained that the reforms are aimed at achieving long-term economic stability and improving opportunities for Nigerians.
Atiku maintained that the success of any economic policy should ultimately be measured by its impact on ordinary citizens and their ability to afford basic needs and improve their standard of living.
