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, leaving them to borrow or depend on relatives to meet their daily needs.

Oyedele disclosed this while speaking at Chatham House in London, where he cited a government survey showing that food expenses 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 Nigerians Still Struggle

The minister said Nigeria’s poverty rate remained above 50 per cent despite an unemployment rate of about five per cent, highlighting the difficulties faced by people who have jobs but still cannot afford basic necessities.

“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.

His remarks point to the pressure on household budgets as the cost of food continues to weigh on Nigerians’ purchasing power.

Structural Problems Drive Food Costs

Oyedele attributed high food prices to several challenges affecting agricultural production and distribution, including low yields, seasonal farming, post-harvest losses, inadequate storage, high transportation costs and insecurity in farming communities.

He cited cases in which as much as 60 per cent of tomatoes are lost after harvest, reducing the quantity available for sale and adding to pressure on food supply.

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.

FG Targets Agriculture, Supports Households

To address the situation, Oyedele said the Federal Government was investing in agricultural technology, irrigation, storage facilities and financing for smallholder farmers.

He said the measures were intended to improve agricultural productivity, reduce post-harvest losses and strengthen food supply.

The minister also disclosed that the government’s cash transfer programme had reached more than 10 million households. According to him, digital payments and verification through the National Identification Number were being used to reduce leakages in the programme.

Oyedele added that agriculture and non-tradable services were receiving attention because they employ 81.4 per cent of working Nigerians. He said the government was prioritising these sectors to improve incomes and reduce dependence on cash transfers.