NBS data reveals Nigerians spent N57.1 trillion on household expenditure in H1, 2022

This figure according to the NBS data on the country’s Gross Domestic Product (GDP), by the expenditure and income approach stems from the high costs of goods and services Nigerians have continually been made to struggle with over the years.

The NBS data also revealed that in the first six months of 2022, household expenses accounted for 62.4% of the total expenditure by the populace (gross domestic product by expenditure – N91.41 trillion).

A quick breakdown of the data revealed in the first quarter of 2022, household consumption gulped N27.71 trillion, while N29.37 trillion was spent in Q2 2022.

A corresponding data from the NBS also revealed that Nigerians had to part with over 50% of their household expenditure on food, a gesture which indicates the country’s low level of disposable income amongst most citizens.

For non-profit organizations, the consumption expenditure stood at N496.47 billion, a figure which accounts for 0.5% of the total.

The figures which make up Nigerians' household expenditure for the first half of 2022 show an increase of 14.4% when compared to N49.89 trillion documented during the same period of review for 2021.

Household consumption expenses, however, skyrocketed by 30.6% in the first half of the COVID-19-ravaged year - 2020, a year which also witnessed a lot of movement restrictions.

When compared to the figures in 2019, an increase of 16.4% was noticed compared to N49.06 trillion recorded in the same review period.

Government consumption expenditure on other hand, dropped by 3.97% to stand at N4.06 trillion, on a year-on-year basis, a figure accounting for 4.4% of the total GDP expenditure.