Nigerians being priced out of decent living — Atiku

Former Vice President Atiku Abubakar has criticized the current administration for worsening Nigerians' purchasing power, citing a recent Central Bank of Nigeria Household Expectations Survey. The survey revealed that families are finding it increasingly difficult to afford homes, cars, and essential household items. Atiku argued that the survey's findings were a damning verdict on the government's economic policies and contradicted claims of economic recovery and prosperity.

According to the Central Bank's data, willingness to purchase vehicles dropped to 18.7 points, while interest in buying buildings and land fell to 19.2 points. Atiku emphasized that these figures reflected the expectations and purchasing decisions of Nigerian households under President Tinubu's government. He warned that Nigerians were being priced out of decent living, with homes becoming a fantasy, cars a luxury, and household appliances increasingly unaffordable.

The ADC presidential candidate linked the survey results to the rising cost of food, particularly jollof rice, using the SBM Jollof Index as an example. The cost of preparing a pot of jollof rice for a family of five now amounts to ₦29,578, representing over 40% of a minimum-wage worker's monthly income before other expenses. Atiku accused the administration of prioritizing headline economic indicators while neglecting the declining purchasing power of households.

He argued that while macroeconomic indicators may be favorable, ordinary Nigerians are becoming unwilling economists, carefully calculating every expense before deciding what their families can afford. Atiku cautioned that declining household purchasing power could undermine businesses and economic growth due to weak consumer demand, which would eventually affect production, employment, and livelihoods.