Nigerians now spend 120% of income on food, borrow to survive — Finance Minister Oyedele

The Minister of Finance, Taiwo Oyedele, has revealed that some Nigerian households spend up to 120 per cent of their income on food, forcing families to borrow money to survive.

According to Tribune Online, Oyedele disclosed this during a presentation at Chatham House in London.

“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 noted that Nigeria’s poverty rate exceeded 50 per cent despite unemployment standing around five per cent.

“That tells you something. As a policymaker, you don’t sit back and say we don’t have unemployment. You have working poor,” he said.

Oyedele blamed persistent food inflation on agricultural losses, insecurity, poor storage and transportation costs.

He said government interventions included agricultural investments and cash transfers to vulnerable households.