Nigeria’s Finance Minister, Taiwo Oyedele, has revealed that some households spend as much as 120 per cent of their income on food, leaving them struggling to survive and forcing many to borrow or rely on relatives for support.
Speaking at Chatham House in London, Oyedele cited a government survey showing that food costs exceed the total monthly income of some families.
“In fact, there was a survey we did that shows that up to 120 per cent of household income is spent on food. Like, how do you spend 120 per cent of your income? You borrow food before the end of the month,” he said.
The Minister of Finance and Coordinating Minister of the Economy noted that Nigeria’s poverty rate remains above 50 per cent despite an unemployment rate of about five per cent. He said these figures highlight the struggles of people who have jobs but still cannot afford their basic needs.
“That tells you something. As a policymaker, you don’t sit back and say we don’t have unemployment. You have working poor,” he stated.
Oyedele blamed rising food prices in Nigeria on deep-rooted problems in the agricultural sector. These include low crop yields, seasonal farming, poor storage, post-harvest losses, expensive transport and insecurity in farming communities. He noted that farmers can lose up to 60 per cent of their tomatoes after harvest.
He also disclosed that food inflation stood at 19.6 per cent in September, with food prices falling more slowly than overall inflation.
“Macroeconomic stability means little to a mother who still cannot afford food,” he added.
To ease the pressure on households, the government is investing in agricultural technology, irrigation, storage facilities and funding for smallholder farmers.
Oyedele also said the administration’s cash transfer programme had reached more than 10 million households. Digital payments and National Identification Number verification help limit fraud and ensure support reaches intended beneficiaries.
He added that agriculture and non-tradable services, which employ 81.4 per cent of working Nigerians, remain key priorities for boosting incomes and reducing dependence on government assistance.
With many families struggling to afford basic meals, can these measures bring lasting relief from Nigeria’s rising cost of living?
