Atiku: CBN survey shows Nigerians can no longer afford decent living

Former Vice President Atiku Abubakar has criticized the economic policies of the Tinubu administration, stating that declining household purchasing power is making homes, vehicles, and basic consumer goods unaffordable for millions of Nigerians. According to the latest Household Expectations Survey released by the Central Bank of Nigeria (CBN), buying-condition indices for motor vehicles (28.7), consumer durables (28.9), and buildings/landed property (30.0) are dropping.

Even more concerning, household willingness to purchase these assets has weakened, with vehicle purchases at 18.7 points and buildings and landed property at 19.2 points. Atiku argues that these figures reflect the reality faced by Nigerian households, indicating that they are increasingly priced out of decent living. The economic difficulties extend beyond rising food costs, With the rising cost of preparing jollof rice for a family of five now exceeding 40% of the national minimum wage, households are forced to dedicate most of their earnings to essential expenses, leaving little room for savings or investments.

Atiku warns that this trend could negatively impact businesses and economic growth due to reduced demand. He urges the administration to focus on improving the living conditions of ordinary Nigerians rather than relying solely on macroeconomic indicators.