The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has acknowledged that rising food prices have pushed many Nigerian households into financial distress, with some spending up to 120 per cent of their income on food.

Oyedele disclosed this while speaking at Chatham House in London, where he noted that many Nigerians could no longer rely on their monthly earnings to meet their food needs.

He explained that some households had been forced to borrow money or depend on relatives to survive before the end of the month.

According to the minister, a government survey showed that household expenditure on food could exceed total income, highlighting the growing hardship faced by working Nigerians.

Oyedele described the situation as evidence that employment alone was no longer sufficient to guarantee financial security, noting that many Nigerians remained poor despite having jobs.“That tells you something.

As a policymaker, you don’t sit back and say we don’t have unemployment. You have working poor,” he added.

The minister also expressed concern over the disparity between headline inflation and food inflation, saying the slower decline in food prices continued to worsen economic inequality.

He noted that headline inflation stood at 14.63 per cent in September, compared with food inflation of 19.59 per cent.

Oyedele acknowledged that despite ongoing efforts to stabilise the country’s macroeconomic environment, many Nigerians were yet to experience meaningful improvements in their daily lives.

Meanwhile, the National Bureau of Statistics reported a decline in headline inflation alongside a significant increase in food inflation in September.

However, some economic experts have questioned the accuracy of the country’s inflation figures, arguing that the reported data may not adequately reflect the actual cost-of-living pressures facing Nigerians.