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Nigerians spend N9.5trn monthly on living expenses —NBS

  • Business

The National Bureau of Statistics (NBS) has revealed that Nigerians have spent about N9.51 trillion on household expenses monthly.

In the recently released data on Nigeria’s GDP, by the expenditure and income approach, the Bureau, noted that the rising cost of goods and services pushed household expenditure to N57.1 trillion in the first six months of the year.

Read also:Nigerians spent N135.85bn on importation of motorcycles in six months – NBS

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

Compared to the first half of 2020, which was affected by the covid-19 pandemic and movement restrictions, household consumption expenses increased by 30.6%, while it increased by 16.4% in contrast to N49.06 trillion recorded in the same period of 2019.

Source: Ripples Nigeria