FG admits households spend 120% of income on food as prices soar
Finance Minister Taiwo Oyedele told Chatham House in London that a government survey found Nigerian households now spend up to 120% of their income on food—forcing families to borrow or rely on relatives to survive. "You borrow food before the end of the month," he said, adding that policymakers cannot ignore the reality of the "working poor."
Food inflation hit 19.59% in September while headline inflation fell to 14.63%, meaning the cost of a basket of tomatoes, gari, and beans is rising faster than overall prices. This gap widens inequality daily. Oyedele acknowledged macroeconomic stability means little to a mother who still cannot afford food.
Experts like financial analyst Okechukwu Unegbu dispute NBS data, arguing real inflation is significantly higher than official figures. Meanwhile, the naira continues its slide against the dollar, further eroding purchasing power.
With food consuming more than entire incomes, the coping strategies are exhausted. Are you cutting meals, switching to cheaper staples, relying on remittances, or taking on debt just to feed your family?