Tinubu’s economy pushing homes, cars beyond reach — Atiku

Former Vice President Atiku Abubakar has criticized the current government led by President Bola Tinubu for exacerbating the purchasing power of Nigerians, making it increasingly difficult for households to afford homes, cars, and basic household items. Atiku stated in a statement that the latest Central Bank of Nigeria Household Expectations Survey revealed a "damning verdict" on the government's economic policies, contradicting claims of economic recovery and prosperity.

The survey indicated that the willingness to purchase motor vehicles, consumer durables, and buildings/landed property were at 28.7, 28.9, and 30.0 points respectively, while the willingness to buy vehicles was even lower at 18.7 points. Atiku emphasized that these figures, captured by the Central Bank under Tinubu's administration, represented the expectations and purchasing decisions of Nigerian households.

He argued that the economic crisis had moved beyond rising food prices, impacting Nigerians' ability to accumulate assets and improve their standard of living. Atiku highlighted the high cost of preparing jollof rice, noting that the ingredients for a family of five would cost ₦29,578, which is over 40% of a minimum-wage worker's monthly income.

He accused the government of placing too much emphasis on headline economic indicators while neglecting the declining purchasing power of households. Atiku warned that this could undermine businesses and economic growth, as weak consumer demand would eventually affect production, employment, and livelihoods. The government has defended its economic reforms, including the removal of the petrol subsidy and liberalization of the foreign exchange market, claiming these measures are necessary to stabilize the economy and attract investment.