Atiku Abubakar, the presidential candidate for the African Democratic Congress (ADC), has labeled the recent Central Bank of Nigeria (CBN) Household Expectations Survey as a harsh critique of President Bola Tinubu’s economic management. He argues that an environment where citizens are giving up on purchasing homes, vehicles, and essential goods cannot be considered successful.
Speaking through his aide, Phrank Shaibu, Atiku pointed out that the CBN’s own data undermines the administration’s narrative of progress. The report shows low scores for buying conditions and a significant decline in the intent to acquire assets. Atiku highlighted that many families now spend almost all their earnings on basic survival needs like food and fuel, leaving no room for investment.
Referencing the SBM Jollof Index, he noted that preparing a single meal for a family of five now costs nearly half of the monthly minimum wage. He contended that while government officials promote positive macroeconomic statistics, the reality for citizens is defined by shrinking budgets and rising costs. Atiku warned that declining purchasing power ultimately hurts the entire economy, leading to lower production and job losses. He concluded by urging the President to move past theoretical economic models and address the financial strain currently facing Nigerian households.
