Nigerians’ household expenditure rose to N54.84 trillion in nominal terms in the first half of 2021, representing a 13.7% increase when compared to N48.22 trillion recorded in the corresponding period of 2020. 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.
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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