The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said some Nigerian households spend as much as 120 per cent of their income on food amid rising living costs.

Oyedele disclosed this recently at Chatham House in London, citing a government survey showing that many families struggle to meet their food needs before the end of the month, forcing them to borrow or depend on relatives.

“In fact, there was a survey we did that shows that up to 120 per cent of household income is spent on food. You borrow food before the end of the month,” he said.

The minister said the situation highlighted the challenges facing low-income earners, including those who are employed but still struggle to afford basic necessities.

He noted that headline inflation, which stood at 14.63 per cent in September, was easing faster than food inflation, recorded at 19.59 per cent during the same period.

“Headline inflation is falling faster than the price of a basket of tomatoes, gari, and beans. And this widens inequality,” Oyedele said.

He added that although the government was working to stabilise the economy, the benefits had yet to translate into improved living conditions for many Nigerians.

“Macroeconomic stability means little to a mother who still cannot afford food,” he said.

The comments come amid concerns over the cost of living, with the September figures from the National Bureau of Statistics showing a decline in headline inflation but a rise in food inflation. Some financial analysts have also questioned whether official inflation figures fully reflect the price increases experienced by households.