Nigerians abandoning plans to buy homes, cars, Atiku slams Tinubu for cost of living

Presidential candidate Atiku Abubakar has sharply criticized President Bola Tinubu's economic policies, labeling a recent Central Bank of Nigeria (CBN) Household Expectations Survey as a "damning verdict" on the administration's performance. Abubakar argued that an economy where citizens are abandoning plans to purchase homes and cars cannot credibly be presented as one on a path to prosperity.

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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.

According to the CBN survey, buying conditions for motor vehicles stood at just 28.7 points, for consumer durables at 28.9 points, and for buildings and landed property at 30.0 points. Even more concerning, the willingness to purchase vehicles dropped to 18.7 points, while for buildings and landed property, it was only 19.2 points. Abubakar emphasized that these figures, originating from the CBN under Tinubu's government, reveal that Nigerian households are being priced out of a decent standard of living, making homeownership a distant dream and car ownership a luxury.

Abubakar further pointed to the escalating cost of basic food items, citing the SBM Jollof Index. The ingredients for a single pot of jollof rice for a family of five now cost an average of ₦29,578. For someone earning the minimum wage of ₦70,000, this single meal can consume over 40% of their monthly salary, even before accounting for rent, transportation, electricity, school fees, and healthcare.

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Tinubu has not merely made life more expensive; his policies are steadily pricing ordinary Nigerians out of food, comfort, asset ownership and the basic dignity of a decent life.

"Tinubu has not merely made life more expensive; his policies are steadily pricing ordinary Nigerians out of food, comfort, asset ownership and the basic dignity of a decent life," Abubakar stated through his Senior Special Assistant on Public Communication, Phrank Shaibu. He criticized the administration for celebrating macroeconomic indicators like GDP growth and foreign reserves while the personal economies of Nigerian families deteriorate.

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Government officials can celebrate GDP growth, foreign reserves and other statistics from air-conditioned conference rooms, but ordinary Nigerians have become unwilling economists, calculating every cup of rice, every litre of fuel and every transport fare before deciding what their families can afford.

Abubakar warned that the collapse in household purchasing power poses a significant threat to the wider economy. He explained that when citizens cannot afford to consume, businesses struggle to sell, leading to reduced production, job losses, and a decline in livelihoods. "An economy is not successful merely because government officials can celebrate GDP growth, foreign reserves and other statistics from air-conditioned conference rooms, but ordinary Nigerians have become unwilling economists, calculating every cup of rice, every litre of fuel and every transport fare before deciding what their families can afford," he added.

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between official statistics and empty cooking pots, the cooking pots do not lie.