Atiku Accuses Tinubu's Administration of Pricing Nigerians Out of Decent Living

• Atiku Abubakar has accused the current administration of worsening the purchasing power of Nigerians.
• The latest Central Bank of Nigeria Household Expectations Survey reveals a dire picture of households struggling to afford basic necessities.
• The rising cost of food, particularly jollof rice, is putting pressure on household incomes and making it difficult for families to afford even basic necessities.

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

Atiku Abubakar, former Vice President of Nigeria and Presidential Candidate of the African Democratic Congress (ADC), has sounded the alarm on the devastating impact of the current administration's economic policies on ordinary Nigerians. According to him, the latest Central Bank of Nigeria Household Expectations Survey paints a dire picture of households struggling to afford basic necessities, let alone accumulate assets or improve their standard of living. The survey reveals that buying conditions for motor vehicles, consumer durables, and buildings/landed property are at an all-time low, with willingness to purchase these items also declining sharply. This is not just a matter of rising prices; it's about the erosion of purchasing power, leaving families with little or nothing to save, invest, or acquire assets. Atiku argues that this is a damning verdict on the government's economic policies and contradicts its claims of economic recovery and prosperity.

Atiku has also highlighted the rising cost of food, particularly the ingredients required to prepare jollof rice. According to the SBM Jollof Index, a pot of jollof rice for a family of five costs an average of ₦29,578, which is more than 40% of a minimum-wage worker's monthly income before rent, transportation, electricity, school fees, and healthcare are taken into account. This staggering figure illustrates the pressure on household incomes and the difficulty families face in affording even basic necessities. Atiku has linked this to the administration's economic policies, arguing that they have failed to address the declining purchasing power of households.

Atiku has criticized the government for relying on headline economic indicators such as GDP growth and foreign reserves while ignoring the reality faced by ordinary Nigerians. He argues that these statistics do not reflect the actual experience of households, which are struggling to make ends meet. According to Atiku, 'official statistics can be celebrated from air-conditioned conference rooms, but empty cooking pots do not lie.' This disconnect between official statistics and reality is a major concern, as it suggests that the government is out of touch with the needs and struggles of its citizens.

Lawyers and compliance officers should be aware that the declining purchasing power of households, as highlighted by Atiku's statement, may lead to increased non-compliance with consumer protection laws and regulations, particularly in relation to debt collection and asset repossession.

Source: Original reporting via Nigerians being priced out of decent living — Atiku