Former Vice President Atiku Abubakar has criticized the Federal Government’s economic policies, saying Nigerians are increasingly struggling to afford homes, cars, and other basic household assets.
In a statement issued on Saturday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former leader cited the latest Central Bank of Nigeria Household Expectations Survey as evidence of declining purchasing power among Nigerian households.
According to the survey, buying conditions stood at 28.7 points for motor vehicles, 28.9 for consumer durables, and 30.0 for buildings and landed property.
Willingness to purchase vehicles was lower at 18.7 points, while willingness to buy buildings and landed property stood at 19.2 points.
Abubakar said the figures reflected the expectations and purchasing decisions of Nigerian households and contradicted claims of broad economic recovery.
“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 African Democratic Congress presidential candidate for the 2027 election said the findings suggested that the economic crisis had moved beyond rising food and living costs to affect Nigerians’ 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,” Abubakar said.
He also linked the CBN findings to rising food prices, citing the latest SBM Jollof Index, which puts the average cost of preparing a pot of jollof rice for a family of five at N29,578.
Abubakar said the figure represented more than 40 per cent of Nigeria’s N70,000 minimum wage, leaving workers with limited income for rent, transportation, electricity, school fees and healthcare.
The former vice president also criticized the government’s emphasis on macroeconomic indicators such as GDP growth and foreign reserves, arguing that such figures did not necessarily reflect the economic realities faced by ordinary Nigerians.
He said declining household purchasing power could eventually affect businesses and economic growth by weakening consumer demand.
The Federal Government has defended its economic reforms, including the removal of the petrol subsidy and foreign exchange reforms, saying the measures are necessary to stabilize the economy, attract investment and create the foundation for sustainable growth.
The government has also pointed to improvements in some macroeconomic indicators as evidence that the reforms are beginning to yield results, although Nigerians continue to face high food, transportation and other living costs.
Abubakar, however, maintained that the ultimate measure of economic success should be the ability of citizens to afford basic necessities and improve their standard of living.
