Morganable politics/Governance
The former vice president further lamented that many families now spend most of their income on essential expenses such as food, transportation, electricity, and school fees, leaving little or nothing for savings, investments, or acquisition of assets
KaNo—
Former Vice President Atiku Abubakar has accused the administration of President Bola Tinubu of worsening the purchasing power of Nigerians, citing recent data from the Central Bank of Nigeria (CBN) which suggests that households are increasingly unable to afford basic assets and maintain a decent standard of living.
In a statement issued on Saturday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the CBN’s Household Expectations Survey as a “damning verdict” on the government’s economic policies, arguing that it contradicts official claims of economic recovery and improved prosperity.
According to the survey, buying conditions for major household assets remain weak. The index stood at 28.7 points for motor vehicles, 28.9 points for consumer durables, and 30.0 points for buildings and landed property. The willingness of households to purchase these items was even lower, with motor vehicles at 18.7 points and buildings and landed property at 19.2 points.
Atiku, who is also the presidential candidate of the African Democratic Congress (ADC), said the figures are particularly significant because they reflect real household expectations and purchasing decisions, as captured 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
Economic Challenges Beyond Rising Prices
“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 stated.
The former vice president further lamented that many families now spend most of their income on essential expenses such as food, transportation, electricity, and school fees, leaving little or nothing for savings, investments, or acquisition of assets.
To illustrate the pressure on household incomes, Atiku referenced the SBM Jollof Index, which tracks the cost of preparing a staple Nigerian meal. According to the index cited in his statement, the ingredients required to prepare a pot of jollof rice for a family of five now cost an average of ₦29,578.
He compared this figure to the country’s ₦70,000 minimum wage, noting that the cost of a single pot of jollof rice could consume over 40 per cent of a minimum-wage earner’s monthly income, even before accounting for rent, transportation, electricity, healthcare, and education expenses.
“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,” Atiku said.
“Tinubu first took jollof rice from the family dining table. Now, his economy is taking away the house in which the table should stand and the car with which the breadwinner should get to work.”
Govt Focusing On Macro Indicators
Atiku also criticised the government for focusing on macroeconomic indicators such as Gross Domestic Product (GDP) growth and foreign reserves, arguing that such statistics do not reflect the lived realities of ordinary Nigerians.
“Government officials can celebrate GDP growth and foreign reserves 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.
“Between official statistics and empty cooking pots, the cooking pots do not lie.”
The ADC candidate warned that declining household purchasing power could have broader implications for the economy, particularly for businesses and employment. According to him, weak consumer demand could lead to reduced production, job losses, and further economic hardship.
“An economy is not successful merely because government officials can quote favourable statistics. It succeeds when citizens can work, earn, eat, save, invest, and progressively improve their standard of living,” he added.
“Before there is GDP, there must be dinner. Before there is prosperity, there must be purchasing power. And before a government congratulates itself on reform, ordinary citizens must be able to see and feel improvement in their own lives.”
The Federal Government, however, has consistently defended its economic reforms, including the removal of petrol subsidy and the liberalisation of the foreign exchange market. Officials argue that these measures are necessary to stabilise the economy, attract foreign investment, and lay the foundation for sustainable long-term growth.
Government representatives have also pointed to improvements in some macroeconomic indicators as evidence that the reforms are beginning to yield results, even as citizens continue to grapple with high food prices, rising transportation costs, and pressure on household incomes.
In a related development, Atiku has also raised concerns over what he described as a suspicious credit alert in one of his bank accounts domiciled with a commercial bank.
In a separate statement issued on Friday by Shaibu, the former vice president disclosed that the account received a transfer from an unknown individual with the narration “Contribution Electioneering Campaign.”
Atiku warned that the incident raises serious co wasncerns about the security and confidentiality of Nigerians’ banking information, calling for greater scrutiny and safeguards within the financial system.
He did not disclose the amount involved but emphasised that the development underscores the need for stronger protections against unauthorised transactions and potential misuse of financial data.
The statements come amid ongoing political and economic debates in the country, with opposition figures and government officials offering contrasting views on the state of the economy and the impact of current policies on citizens’ welfare.
As inflationary pressures persist and household incomes remain strained, analysts say concerns about purchasing power and cost of living are likely to remain central issues in Nigeria’s economic discourse in the months ahead.
