Atiku to Tinubu: Stop Governing Nigeria With ‘PowerPoint Economics’
Former Vice President Atiku Abubakar has criticised the economic policies of President Bola Tinubu, saying the declining purchasing power of Nigerian households shows that many citizens are struggling to meet their basic needs.
Atiku, the presidential candidate of the African Democratic Congress, spoke through his Senior Special Assistant on Public Communication, Phrank Shaibu, on Saturday, while reacting to the latest Central Bank of Nigeria Household Expectations Survey.
He said the survey, which showed low willingness among households to purchase homes, vehicles and other durable goods, was a reflection of the economic hardship facing Nigerians. According to him, the figures showed that many families were being forced to prioritise food, transportation, electricity, school fees and other necessities over savings and asset acquisition.
The CBN survey placed buying conditions at 28.7 points for motor vehicles, 28.9 points for consumer durables and 30.0 points for buildings and landed property. Willingness to purchase vehicles stood at 18.7 points, while that for buildings and landed property was 19.2 points.
Atiku said the figures were not opposition propaganda but data generated from households by the apex bank, arguing that they provided a clearer picture of the economic realities confronting Nigerians.
He said, “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.
“Families are exhausting their incomes on food, transportation, electricity, school fees and other necessities, leaving practically nothing for savings, investment or asset acquisition.”
Atiku also cited the rising cost of food, including the latest Jollof Index, which he said showed the increasing pressure on household incomes. He noted that the reported average cost of preparing a pot of jollof rice for a family of five had risen to N29,578.
He argued that for a worker earning the N70,000 minimum wage, the cost represented a significant portion of monthly income, even before other essential expenses such as rent, transportation, electricity, education and healthcare were considered.
The former vice president said it was misleading for the government to focus on headline economic indicators while ordinary Nigerians continued to struggle with declining purchasing power.
He urged the Tinubu administration to stop governing through what he described as “PowerPoint economics,” insisting that the true measure of economic performance was the condition of the average Nigerian household.
“The real economy is the Nigerian family’s pocket, and that pocket is increasingly empty,” he said.
Atiku further warned that declining household purchasing power could have wider consequences for businesses and employment, arguing that reduced consumer spending would affect sales, production and job creation.
He said a successful economy should enable citizens to work, earn, eat, save, invest and gradually improve their standard of living, rather than force families to sacrifice basic aspirations simply to survive.
“Before there is GDP, there must be dinner. Before there is prosperity, there must be purchasing power. And before a government congratulates itself on reform, ordinary citizens must be able to see and feel improvement in their own lives,” Atiku said.