According to the National Bureau of Statistics (NBS), Nigerians spend an astounding N9.51 trillion every month on household bills.

Nigerians continue to pay exorbitant prices for products and services, which has resulted in household spending of N57.1 trillion in the first half of the year, according to the Bureau.

It was discovered using the expenditure and income technique using the nation’s Gross Domestic Product (GDP) statistics from the NBS.

Compared to the N49.89 trillion recorded during the same time in 2021, Nigeria’s household consumption spending in H1 2022 grew by 14.4%.

Household consumption expenses increased by 30.6% compared to the first half of 2020, when the COVID-19 epidemic and transportation restrictions damaged the economy, and by 16.4% compared to the N49.06 trillion recorded during the same time in 2019.

Additionally, it disclosed that household expenses in the first half of the year made up 62.4% of the population’s overall spending (gross domestic product by expenditure, or N91.41 trillion). N496.47 billion, or 0.5% of the total, was spent on consumption by non-profit organizations.

In the meantime, government spending on consumption fell 3.97% year over year to N4.06 trillion, or 4.4% of total GDP spending.