Finance Minister Says Nigerian Households Spend 120% of Income on Food Amid Rising Prices

Nigeria’s Finance Minister, Taiwo Oyedele, has said some households spend as much as 120 per cent of their income on food, highlighting the pressure rising prices are placing on families across the country.

Oyedele made the disclosure during a recent appearance at Chatham House in London, where he discussed the challenges facing the economy and the difficulties Nigerians experience in meeting basic needs. He said some households were increasingly forced to borrow money or depend on relatives to afford food before the end of the month.

The minister cited a government survey that indicated household food spending could exceed total income, describing the situation as evidence of the hardship confronting working Nigerians.

“In fact, there was a survey we did that shows that up to 120 per cent of household income is spent on food. You borrow food before the end of the month,” he said.

Oyedele argued that the findings showed why policymakers could not ignore the difficulties faced by households, including people who have jobs but still struggle to meet essential expenses. He described this group as the “working poor”.

He also pointed to the difference between headline inflation and food inflation, saying the cost of everyday items such as tomatoes, garri and beans remained a major concern even as overall inflation eased. The figures cited in the report put headline inflation at 14.63 per cent in September, compared with food inflation of 19.59 per cent.

According to the minister, the slower decline in food prices relative to broader inflation could deepen inequality and prevent many households from benefiting from improvements in the wider economy.

“Macroeconomic stability means little to a mother who still cannot afford food,” Oyedele said, acknowledging the gap between economic indicators and the financial realities of ordinary Nigerians.

The report also noted that some financial analysts, including Okechukwu Unegbu, have questioned the accuracy of official inflation figures published by the National Bureau of Statistics. These criticisms remain attributed views; the report did not provide independent evidence establishing that the official figures were inaccurate.