Former Vice President, Atiku Abubakar, has criticised President Bola Tinubu’s economic policies, arguing that recent household data from the Central Bank of Nigeria (CBN) show that many Nigerians are struggling to afford major assets and improve their standard of living.
Atiku’s latest criticism was contained in a statement issued on Saturday, August 8, 2026, by his Senior Special Assistant on Public Communication, Phrank Shaibu.
The former Vice President based his argument largely on findings from the CBN’s Household Expectations Survey, which examines how Nigerian households view current economic conditions, their finances, spending priorities and willingness to make major purchases.
According to the figures cited by Atiku, the Buying Condition Index stood at 28.7 points for motor vehicles, 28.9 points for consumer durables and 30.0 points for buildings and landed property.
The survey also recorded low levels of willingness among households to make such purchases, with the intention to buy vehicles standing at 18.7 points and the willingness to acquire buildings and landed property at 19.2 points.
The figures are particularly significant because the CBN uses 50 points as the balance point for its buying-condition and buying-intention indicators. A reading below 50 suggests that more respondents consider the period unsuitable for making the relevant purchase. The CBN’s methodology explains that its household survey measures whether consumers believe it is a good time to purchase assets such as houses, land, vehicles and consumer durables.
Atiku said the findings provided evidence that the economic difficulties facing Nigerians were no longer limited to food prices but were increasingly affecting their ability to acquire property, vehicles and other assets.
He argued that the situation contradicted the Federal Government’s repeated claims that its economic reforms were putting the country on the path to recovery.
“These are not figures manufactured by the opposition,” Atiku said, describing the survey as evidence of the financial pressures confronting Nigerian households.
According to him, the declining purchasing power of citizens means that aspirations that were previously considered achievable by working families are increasingly being postponed or abandoned.
He said owning a house was becoming increasingly difficult for ordinary Nigerians, while purchasing a vehicle had also become a major financial burden.
Atiku further argued that families were being forced to direct most of their earnings towards necessities such as food, transportation, electricity and education, leaving little money for savings, investment or the acquisition of assets.
The CBN’s recent household data broadly shows the pressure on household spending. A report on the June 2026 survey noted that food remained the leading spending priority, followed by necessities including transportation, household goods, education and electricity and water, while households remained reluctant to commit substantial income to houses, vehicles and other major purchases.
Atiku Links Household Pressure To Food Prices
The former Vice President also connected the CBN findings to the rising cost of food, citing the latest SBM Intelligence Jollof Index.
The Q2 2026 report by SBM Intelligence found that the national average cost of preparing a pot of jollof rice for a family of five reached ₦29,578 in June 2026, representing a 14.6 per cent increase from ₦25,798 recorded in July 2025.
The report also found that the cost of preparing jollof rice had increased by 624 per cent over the decade covered by the index. SBM attributed the continuing pressure to factors including food supply disruptions, transportation challenges, insecurity, weather-related problems and rising production costs.
Atiku said the figure illustrated the growing distance between household incomes and the cost of basic necessities.
He maintained that when a family must devote a substantial portion of its income to preparing an ordinary household meal, it becomes increasingly difficult for the same family to save towards a house, car or other long-term investment.
The former Vice President also criticised what he described as an excessive focus by the administration on macroeconomic indicators without sufficient attention to the everyday experiences of Nigerians.
He argued that improvements in indicators such as gross domestic product growth or foreign reserves would have limited meaning to families whose disposable income remains under pressure.
Atiku said the effectiveness of economic reforms should ultimately be measured by whether citizens can afford food, transportation, housing, healthcare, education and other necessities while still having the capacity to save and invest.
Government Defends Economic Reforms
The Federal Government has consistently defended the economic measures introduced by the Tinubu administration, particularly the removal of the petrol subsidy and reforms to the foreign exchange market.
Government officials have maintained that the reforms were necessary to address structural weaknesses, reduce distortions in the economy, attract investment and create conditions for sustainable long-term growth.
The administration has also highlighted improvements in several macroeconomic indicators as evidence that the reforms are beginning to produce results.
However, the transition has been accompanied by significant pressure on household budgets, with Nigerians continuing to deal with food, transportation and other living expenses.
The CBN’s own household survey has reflected some improvement in consumer sentiment while still showing substantial caution among families. In June 2026, overall consumer sentiment improved from -16.8 points in May to -14.6 points, but remained in negative territory. The survey also recorded a negative assessment of current economic conditions.
The findings therefore present a mixed picture: some indicators point towards improving confidence and expectations, while actual household purchasing decisions remain constrained.
Atiku seized on that distinction to argue that economic recovery should not be assessed solely through headline indicators.
He said Nigerians should be able to feel the effects of economic reforms through improved purchasing power and greater financial security.
The former Vice President warned that weak household purchasing power could eventually affect businesses because consumers who spend most of their income on necessities have little capacity to purchase other goods and services.
He also argued that weak demand could have wider consequences for employment, investment and economic growth.
For Atiku, the central issue is therefore not simply whether Nigeria’s economy is growing on paper, but whether that growth is translating into tangible improvements in household welfare.
His latest comments add to his broader political criticism of the Tinubu administration, particularly over the social consequences of the Government’s economic reforms.
While the Government maintains that the reforms are laying the groundwork for a stronger and more stable economy, Atiku insists that the immediate experience of ordinary Nigerians must remain the primary yardstick for judging their success.
The debate is likely to continue as policymakers attempt to balance the need for economic stabilisation with demands for stronger purchasing power, lower living costs and improved household welfare.
For now, the CBN household data and the latest food-cost figures provide two different but related pictures of the Nigerian economy: expectations and confidence may be showing signs of gradual improvement, but households remain cautious about major purchases while essential expenses continue to dominate their budgets.