- Former Vice President Atiku Abubakar said CBN survey data shows Nigerians are abandoning plans to buy homes, cars and household goods
- Atiku said a single pot of jollof rice for a family of five now costs ₦29,578, consuming over 40% of the ₦70,000 minimum wage
- A statement by the ADC presidential candidate described Tinubu’s economic policies as stripping ordinary families of purchasing power and long-term ambitions
Abuja, FCT – Former Vice President Atiku Abubakar has accused President Bola Tinubu of running an economy that is shutting ordinary Nigerians out of home ownership, car ownership and basic consumer goods, citing the Central Bank of Nigeria’s own Household Expectations Survey as evidence.
The statement, dated Saturday, August 8, was released through Atiku’s Senior Special Assistant on Public Communication, Phrank Shaibu.
Photo credits: @officialABAT, @atiku
Source: Twitter
What the CBN Survey Shows
According to Atiku, the CBN data reveals buying conditions at just 28.7 points for motor vehicles, 28.9 for consumer durables, and 30.0 for buildings and landed property. Willingness to purchase vehicles dropped further to 18.7 points, while buildings and landed property registered only 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,” Atiku said in the statement.
The presidential candidate of the African Democratic Congress (ADC) for the 2027 elections added that families are spending everything they earn on food, transport, electricity and school fees, leaving nothing for savings or asset acquisition.
The Jollof Rice Comparison
Atiku also pointed to the latest SBM Jollof Index, which he said put the cost of ingredients for a single pot of jollof rice for a family of five at an average of ₦29,578. He argued that for a worker on the ₦70,000 minimum wage, that one meal absorbs more than 40 per cent of a full month’s salary before rent or any other expense is considered.
“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 said.
Atiku criticised government officials for celebrating headline figures such as GDP growth and foreign reserves while household conditions worsen, saying ordinary Nigerians have become “unwilling economists” rationing every cup of rice and litre of fuel.
He also warned that the collapse in household purchasing power poses a broader economic risk, arguing that when consumers cannot spend, businesses cannot sell, production falls, and jobs disappear.
“Before there is GDP, there must be dinner. Before there is prosperity, there must be purchasing power,” Atiku said.
He called on Tinubu to stop what he described as “PowerPoint economics” and to focus on the conditions inside Nigerian family homes, saying the president has not merely raised the cost of living but has raised “the cost of dreaming.”
Atiku Dismisses Oyedele’s Defence of Tinubu’s Economic Policies
Earlier, Legit.ng reported that Atiku rejected the defence of President Tinubu’s economic policies made by finance minister Taiwo Oyedele, saying the claims do not hold up against publicly available data.
Atiku took aim at several key arguments Oyedele had advanced, including assertions around debt reduction, workers’ welfare, education funding, and debt servicing costs.
Source: Legit.ng