* Nigerians Now Spend 120% Of Their Income On Food — Finance Minister Taiwo Oyedele

Nigerians Now Spend 120% Of Their Income On Food — Finance Minister Taiwo Oyedele

The Minister of Finance and Coordinating Minister of the Economy, *Mr. Taiwo Oyedele*, has revealed that some Nigerian households now spend as much as *120 per cent of their income on food*, forcing them to borrow or depend on relatives just to survive.

Speaking at *Chatham House in London*, Oyedele cited a government survey showing that food expenses now exceed the total income of some households.

_"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.

Working Poor: Employed But Still Poor

He noted that Nigeria's poverty rate remains *above 50 per cent* despite an unemployment rate of about *five per cent*, pointing to the growing number of employed people who are still struggling to meet 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.

He stressed that headline unemployment figures comparable to the UK mask the reality of low incomes and purchasing power.

_"Headline inflation is falling faster than the price of a basket of tomatoes, gari, and beans. And this widens inequality,"_ he said.

Why Food Is So Expensive

Oyedele attributed rising food costs to deep structural challenges, including:
- Low agricultural yields and seasonal farming
- Post-harvest losses — *up to 60 per cent of tomatoes are lost after harvest*
- Inadequate storage and logistics
- High transport costs
- Insecurity in farming communities

He also disclosed that *food inflation stood at 19.6 per cent in September*, noting that food prices were declining more slowly than headline inflation.

_"Macroeconomic stability means little to a mother who still cannot afford food,"_ he added.

He clarified that Nigeria has no taxes on fuel, arguing that household pressure stems from structural food system failures, not fuel levies.

What Government Is Doing

To tackle the situation, the Minister said the government was investing in:
- Agricultural technology and irrigation for year-round farming
- Improved storage facilities
- Financing for smallholder farmers

He disclosed that the administration's *cash transfer programme had reached more than 10 million households*, with digital payments and National Identification Number (NIN) verification used to reduce leakages.

Oyedele added that agriculture and non-tradable services, which employ *81.4 per cent of working Nigerians*, were being prioritised to boost incomes and reduce dependence on cash transfers.

*In short: The economy may be stabilising on paper, but for millions of Nigerian families, the real test is still food on the table.*

*Sources:* Tribune Online, Leadership News, Information Nigeria

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_This article originally appeared on Imo Media Hub - https://imomediahub.org_