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BREAKING: Nigeria’s Household Expenditure Hits N54.84 Trillion In H1 2021

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Food prices, Nigeria's household expenditure

The National Bureau of Statistics (NBS) through its Expenditure and Income GDP report has revealed that Nigeria’s household expenditure has risen to N54.84 trillion in nominal terms in the first half of 2021.

Brand News Day Nigeria reports that Nigeria’s household expenditure hits N54.84 trillion representing a 13.7% increase as against N48.22 trillion reported in the previous year 2020.

This online news platform noted that this is contained in the recently released Expenditure and Income GDP report, by the National Bureau of Statistics (NBS).

According to the report, the expenses incurred by Nigerian households increased by 13.7% when compared with the corresponding period of 2020 However, in contrast with the second half of last year, there was a 7.45% decline compared to N59.25 trillion.

Household final expenditure consists of expenditure including imputed expenditure incurred by resident households on individual consumption goods and services.

BREAKING: Nigeria’s Household Expenditure Hits N54.84 Trillion In H1 2021

Food prices, Nigeria's household expenditure

A further breakdown shows that household final consumption expenditure grew by 8.90% in Q1, and 19.08% in Q2 2021. The annual growth rate of -0.57% was recorded in 2020. This growth rate was lower by -10.42% points than the figure recorded in the previous year which stood at 9.85%.

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