Harrison EDEH
Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, has admitted that most Nigerian households are borrowing to feed as they spend as much as 120 per cent of their income on food amid soaring prices.
Oyedele, who spoke recently at Chatham House in London, admitted monthly incomes could no longer sustain many Nigerians, forcing them to borrow money or rely on relatives to survive.
According to him, a government survey showed that household spending on food could exceed income, adding that this was why policymakers could not fold their arms and do nothing.
“In fact, there was a survey we did that shows that up to 120 per cent of household income is spent on food. You borrow food before the end of the month,” he said.
“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.
According to him, the country’s headline inflation, which stood at 14.63 per cent in September, was falling faster than food inflation, which was 19.59 per cent.
“Headline inflation is falling faster than the price of a basket of tomatoes, gari, and beans. And this widens inequality,” he said.
He added that although the country was making significant efforts to stabilise the macroeconomy, ordinary Nigerians were yet to feel the impact.
“Macroeconomic stability means little to a mother who still cannot afford food,” he added.
*Inflation Falls, but Food Costs Still Squeeze Nigerians*
AdvocateTimes reports that Nigeria’s falling headline inflation is yet to translate into broad relief for households, as food prices remain high despite recent declines in the cost of some meals and staples.
The National Bureau of Statistics (NBS )’s latest data shows that headline inflation eased to 14.63 per cent in September 2026 from 15.39 per cent in August, extending the decline for a fourth consecutive month.
However, food inflation rose slightly to 19.59 per cent year-on-year from 19.57 per cent in August, showing that food costs remain a major pressure on household budgets.
The difference reflects a key feature of Nigeria’s current inflation trend that prices are rising more slowly overall, but many households are still paying more for essential goods than they did a year ago.
Hope Uweja, Vice-President and Chief Engagement Officer of the Africa Economic Forum, described the trend as disinflation, meaning prices are still increasing, but at a slower rate.
“For the ordinary Nigerians, they are still having the issue of how to pay for their most basic needs, particularly in terms of food items and other consumer-related products,” he said on Arise TV recently.
A further look at the NBS data shows that food inflation fell by 1.55 per cent month-on-month in September, compared with a 1.02 per cent increase in August.
The bureau attributed the decline to harvests and improved supplies of some items, including tomatoes, onions, palm oil and Irish potatoes.
But the challenge was that the decline has not been uniform across food items, markets or regions.
In its latest report, The Pot Cools, but Not Everywhere, SB Morgan said the cost of preparing a pot of jollof rice fell by 11.5 per cent between June and September 2026, the sharpest quarterly decline in the ten-year history of its Jollof Index.
It stated that the national average fell from ₦29,578 to ₦26,178.
However, the decline came mainly from chicken and vegetable oil, while rice prices barely changed.
“Rice, the ingredient that gives the dish its name, moved by just ₦50 across the entire basket,” SBM Intelligence stated.
According to the research firm, Chicken prices fell by ₦9,700 across the 13 markets tracked, while vegetable oil contributed another ₦7,350 to the decline.
Its report also showed that the relief was uneven, as nine of the 13 markets recorded declines of less than 10 per cent.
Lagos and Ibadan accounted for much of the fall, while Port Harcourt recorded a 2.6 per cent increase amid flooding that damaged fish and poultry farms and disrupted road access.
SB Morgan attributed the poultry recovery partly to cheaper maize-based feed, the reopening of farms that shut down in 2025 and improved availability of day-old chicks.
Beef prices, however, rose in Kano as cattle transportation costs increased and insecurity restricted herder movement.
These differences explain why a fall in the price of selected foods may not translate into broad relief.
While seasonal harvests can increase supplies of some produce, transport costs, insecurity, production expenses and distribution problems can keep other food prices high.
In his view, an economist, Yushau Aliyu, said tackling inflation requires reducing production costs, improving food availability and removing supply bottlenecks.
Speaking on a programme of the NTA, he noted that high energy and operating costs continue to burden manufacturers, while insecurity has driven farmers and traders away from production and supply routes.
Aliyu also warned against assuming that food is sufficiently available simply because it can be found in markets.
He argued that the country must assess whether supplies can meet the needs of consumers.
Continuing, Uweja said the reduction in inflation and the Central Bank of Nigeria’s cut in the benchmark interest rate to 23 per cent could support economic activity, although the benefits may take time to reach borrowers and households.
For now, the figures point to a gap between improving inflation statistics and the cost of feeding Nigerian families.
SB Morgan noted that despite the recent decline, its jollof index remained 5.8 per cent higher than inΤ September 2025 and 540 per cent above its July 2016 level.
The test, therefore, is not only whether inflation continues to fall, but whether increased food production, lower operating costs and fewer supply disruptions can make essential foods more affordable across Nigeria.
