The former vice-president cites household buying conditions and rising food costs as evidence that economic reforms are yet to ease pressure on families
Former Vice President Atiku Abubakar has issued a fresh warning over declining purchasing power in Nigeria, arguing on Saturday, August 8, 2026, that many households are struggling to afford major assets and basic necessities under President Bola Tinubu’s administration.
Also read: Tinubu presidency hits back at Atiku over reforms
Atiku made the criticism in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, drawing on figures he attributed to the Central Bank of Nigeria’s Household Expectations Survey.
According to the figures cited by Atiku, household buying conditions stood at 28.7 points for motor vehicles, 28.9 points for consumer durables and 30.0 points for buildings and landed property.
Atiku said the figures offered a troubling picture of household finances because the pressure was no longer limited to the cost of food but was affecting families’ capacity to save, invest and acquire assets.
“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.
The CBN’s Consumer Expectations Survey is designed to capture household views on their financial situation, expected expenditure and broader economic developments.
The apex bank’s publication record shows that it has continued to release the survey throughout 2026, including reports covering household expectations for May and earlier months.
Atiku’s argument centres on the gap between improvements in selected macroeconomic indicators and the experience of households at the point of consumption.
He said stronger headline economic figures, including gross domestic product growth and higher foreign reserves, would have limited meaning for Nigerians if families remained unable to afford homes, vehicles and household equipment.
“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,” Atiku said.
The former vice-president also pointed to the rising cost of preparing food as another indication of the strain on household budgets.
He cited the SBM Jollof Index, which put the average cost of preparing a pot of jollof rice for a family of five at ₦29,578 in June 2026.
SBM Intelligence independently reported that the national average cost rose 14.6 per cent from ₦25,798 in July 2025 to ₦29,578 in June 2026.
The organisation said its index tracks the cost of ingredients used to prepare a pot of jollof rice across markets in Nigeria and Ghana.
The increase means the cost of one pot of the popular Nigerian meal is equivalent to more than 42 per cent of the ₦70,000 national minimum wage cited by Atiku, before a worker spends on transport, housing, healthcare, education or other necessities.
The latest food data also points to the pressures behind the increase. SBM Intelligence attributed part of the recent rise to heavy rainfall, damaged farmland, disrupted roads and higher prices for ingredients such as tomatoes and peppers.
Atiku said the figures should prompt a reassessment of how economic success is measured.
For the former vice-president, the more meaningful test is whether Nigerians can translate their incomes into a better standard of living rather than simply whether government statistics show stronger reserves or economic output.
His criticism comes as the Tinubu administration continues to defend the economic reforms introduced since May 2023, particularly the removal of petrol subsidies and changes to the foreign exchange market.
The Federal Government has argued that the reforms were necessary to correct longstanding distortions, attract investment, strengthen public finances and establish the foundations for sustainable economic growth.
The administration has also acknowledged that the adjustment has imposed significant short-term pressure on households and businesses, while maintaining that the longer-term benefits should include stronger investment, improved productivity and greater economic stability.
The contrast between those positions remains central to Nigeria’s economic debate.
Government supporters point to improvements in foreign exchange stability, reserve accumulation and other macroeconomic indicators, while critics such as Atiku argue that such gains have yet to translate sufficiently into affordable living conditions for ordinary households.
The CBN’s own survey framework reinforces the importance of household sentiment in assessing economic conditions, as it seeks to measure how consumers perceive their finances, spending capacity and future economic prospects.
Atiku said economic policy should ultimately be judged by whether families can afford necessities, build savings and acquire assets that improve their quality of life.
The argument adds another layer to the political debate surrounding the government’s reforms, with the former vice-president positioning household welfare as the clearest measure of economic success.
For millions of Nigerians navigating food, transport, housing and other household costs, the debate is ultimately less about abstract indicators and more about what their income can buy.
Also read: ADC crisis deepens as fresh trouble looms for Atiku, Mark, others
Atiku’s latest intervention therefore places purchasing power at the centre of the economic conversation, while the Federal Government’s reform agenda continues to rest on the expectation that today’s difficult adjustments will produce stronger and more sustainable growth in the years ahead.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
