Oyedele says Some Nigerian Households Spend 120% of Income on Food

By George Omagbemi

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed that some households spend as much as 120 per cent of their income on food, highlighting the pressure rising living costs continue to place on families under President Bola Tinubu’s administration.

Oyedele made the disclosure while speaking at Chatham House in London, where he cited a government survey indicating that some households spend more on food than they earn, forcing them to borrow money or depend on relatives to survive.

“In fact, there was a survey we did that shows that up to 120 per cent of household income is spent on food,” he said, questioning how families could sustain such expenditure without borrowing.

The minister noted that Nigeria’s unemployment rate was approximately five per cent, while poverty remained above 50 per cent. He argued that the figures demonstrated the problem of the “working poor”—people who have jobs but still struggle to afford basic necessities.

Oyedele said food inflation remained a major concern despite a decline in headline inflation. He put food inflation at 19.6 per cent in September, attributing persistent high prices to low agricultural productivity, insecurity in farming communities, inadequate storage, post-harvest losses and expensive transportation.

He said the government was investing in agricultural technology, irrigation, storage facilities and financing for smallholder farmers. He also claimed that its cash-transfer programme had reached more than 10 million households.

His disclosure has renewed debate about the effectiveness of economic reforms and the urgent need to make food affordable.

For many Nigerians, the central question remains whether economic improvements will translate into meaningful relief at household level.