Nigerians being priced out of decent living — Atiku

Former Nigerian Vice President Atiku Abubakar has accused the current administration of significantly eroding the purchasing power of Nigerians. He pointed to the latest Central Bank of Nigeria (CBN) Household Expectations Survey, which indicates that families are finding it increasingly difficult to afford essential assets like homes and cars.

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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.

Abubakar stated that the survey's findings represent a "damning verdict" on the government's economic policies, directly contradicting claims of economic recovery. The CBN survey reveals low buying conditions for motor vehicles (28.7 points), consumer durables (28.9 points), and buildings and landed property (30.0 points). The willingness to purchase vehicles was even lower at 18.7 points, and for buildings and landed property, it stood at 19.2 points.

"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," Abubakar asserted. He argued that these figures demonstrate the economic crisis has moved beyond the rising cost of food and necessities to impact Nigerians' ability to build assets and improve their quality of life. "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," he said.

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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 further illustrated the strain on household incomes by referencing the SBM Jollof Index. He noted that the ingredients for a pot of jollof rice for a family of five cost an average of ₦29,578. This cost represents over 40% of Nigeria's ₦70,000 minimum wage, even before accounting for rent, transportation, electricity, school fees, and healthcare. "Tinubu first stole jollof rice from the family dining table. Now, his economy is taking away the house in which the table should stand and the car with which the breadwinner should get to work," he concluded, emphasizing the profound impact on the Nigerian dream.

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Tinubu first stole jollof rice from the family dining table. Now, his economy is taking away the house in which the table should stand and the car with which the breadwinner should get to work.