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, highlighting the severity of poverty and the pressure of rising food prices on low-income earners.
Oyedele, speaking at Chatham House in London, said the findings of a government survey showed that some households spend more than they earn on food, forcing them to borrow to survive until the end of the month.
According to him, Nigeria’s poverty rate remained above 50 per cent despite an unemployment rate of about five per cent, pointing to the plight of Nigerians who have jobs but still cannot afford basic necessities.
“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.
“One important data that sometimes people misunderstand in Nigeria is unemployment rate is low. It’s about five per cent. Comparable to the UK, but poverty rate is high in over 50 per cent.”
