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Nigerians spend N9.5trn monthly on living expenses

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The National Bureau of Statistics (NBS) said Nigerians have spent a whopping N9.51 trillion on household expenses monthly.

 

According to the Bureau, Nigerians continue to face high costs of goods and services which has led to a household expenditure of N57.1 trillion in the first six months of the year.

 

It was revealed according to the NBS data on the country’s Gross Domestic Product (GDP), by the expenditure and income approach.

 

Nigeria’s household consumption expenditure in H1 2022 increased by 14.4% compared to N49.89 trillion documented in the corresponding period of 2021.

In comparison to the first half of 2020, which was affected by the COVID-19 pandemic and movement restrictions, household consumption expenses skyrocketed by 30.6%, while it rose by 16.4% in disparity to N49.06 trillion recorded in the same period of 2019.

It also revealed that household expenses in the first six months of the year accounted for 62.4% of the total expenditure by the populace (gross domestic product by expenditure – N91.41 trillion). Consumption expenditure of non-profit organizations stood at N496.47 billion, accounting for 0.5% of the total.

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