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, leaving many struggling to survive and relying on borrowing or assistance from relatives.
Oyedele made the revelation while speaking at Chatham House in London, where he cited a government survey highlighting the pressure rising food costs are placing on Nigerian families.
According to the minister, some households spend more than their total monthly earnings on food, raising concerns about the affordability of basic necessities and the depth of the country’s cost-of-living crisis.
He explained that the situation reflects a broader economic challenge, noting that Nigeria’s poverty rate remains above 50 per cent despite an unemployment rate of approximately five per cent.
Oyedele said the figures highlight the plight of working Nigerians who have jobs but still cannot earn enough to meet their basic needs. He described them as the “working poor,” stressing that low unemployment figures alone do not necessarily indicate improved living standards.
The minister attributed high food prices to several structural problems in the agricultural and distribution systems, including low farm productivity, seasonal production, post-harvest losses, inadequate storage, expensive transportation and insecurity in farming communities.
He cited estimates suggesting that as much as 60 per cent of tomatoes can be lost after harvest, further reducing available supplies and contributing to price pressures.
Oyedele also disclosed that food inflation stood at 19.6 per cent in September, adding that food prices were declining more slowly than overall inflation.
He noted that improvements in broader economic indicators would have limited impact on households if families continued to struggle to afford meals.
To address the situation, the minister said the government was investing in agricultural technology, irrigation, storage infrastructure and financing programmes designed to support smallholder farmers and improve food production.
He also revealed that the administration’s cash transfer programme had reached more than 10 million households. According to him, digital payments and verification through the National Identification Number system were being used to minimise fraud and reduce the diversion of funds.
Oyedele added that agriculture and non-tradable services were among the sectors receiving priority attention because they collectively employ 81.4 per cent of working Nigerians. The government, he said, hopes to improve earnings in these sectors and reduce long-term dependence on financial assistance.
The minister’s remarks underscore the financial pressure facing many Nigerian households, as food affordability remains a major concern despite ongoing government efforts to improve agricultural production and economic conditions.
