The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed that some Nigerian households spend as much as 120 per cent of their income on food amid rising living costs.
Oyedele made the disclosure during a recent engagement at Chatham House in London, where he acknowledged the financial pressure facing households struggling to meet their basic needs.
According to the minister, findings from a government survey showed that some families spend more on food than they earn, leaving them with little choice but to borrow money or depend on support from relatives to survive.
He noted that despite ongoing government efforts to stabilise the country’s macroeconomic environment, the benefits of these measures had yet to translate into meaningful relief for many Nigerians.
Oyedele stressed that improvements in key economic indicators would have limited significance if ordinary citizens continued to struggle to afford essential commodities.
“Macroeconomic stability means little to a mother who still cannot afford food,” he said.
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