Former Vice President Atiku Abubakar has criticised the economic policies of President Bola Tinubu’s administration, saying many Nigerians are finding it increasingly difficult to afford homes, vehicles and basic household items.
Atiku made the remarks on Saturday in a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu.
He based his argument on findings from the latest Central Bank of Nigeria Household Expectations Survey, which he said showed the growing pressure on household incomes.
The CBN survey recorded low scores for the ability of households to purchase major items.
Buying conditions stood at 28.7 points for motor vehicles, 28.9 points for consumer goods and 30 points for buildings and landed property.
The willingness of households to purchase vehicles was even lower at 18.7 points, while willingness to buy buildings and landed property stood at 19.2 points.
Atiku said the figures showed that the economic difficulties facing Nigerians were no longer limited to the rising cost of food and other daily necessities. He argued that the pressure had also reduced the ability of families to save money, acquire property and improve their living conditions.
According to him, many households now spend most of their income on basic needs such as food, transportation, electricity and school fees, leaving little money for investment or major purchases.
The former vice president also referred to the latest SBM Jollof Index to explain the pressure facing families. The index reportedly puts the average cost of preparing a pot of jollof rice for a family of five at about ₦29,578.
Atiku compared the amount with Nigeria’s ₦70,000 minimum wage, noting that preparing one pot of the popular meal could take up more than 40 per cent of a minimum-wage worker’s monthly income.
He said this leaves workers with limited income to meet other important expenses, including rent, transportation, electricity, education and healthcare.
Atiku also questioned the government's focus on economic indicators such as Gross Domestic Product growth and foreign reserves, arguing that such figures do not fully reflect the financial situation of ordinary Nigerians.
He said the real measure of economic progress should be whether citizens can comfortably afford food, transportation, housing and other basic needs while still having enough money to save and invest.
The ADC presidential candidate further warned that weak purchasing power could affect businesses and economic growth. He said when households reduce their spending because of rising costs, businesses could experience lower demand, which may eventually affect production, employment and incomes.
The Federal Government has continued to defend its economic reforms, including the removal of the petrol subsidy and changes to the foreign exchange system. The government says the measures are aimed at stabilising the economy, attracting investment and creating conditions for long-term growth.
It has also pointed to improvements in some economic indicators as evidence that the reforms are producing results, although Nigerians continue to face high food prices, transportation costs and pressure on household budgets.
Atiku, however, maintained that economic policies should ultimately be judged by how they affect the daily lives of citizens. He argued that an economy could not be described as prosperous when families were struggling to meet basic needs and major purchases such as homes and cars were becoming increasingly difficult for ordinary workers to consider.
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