The National Bureau of Statistics (NBS) has announced that spending of Nigerians rose to N54.84 trillion in the first half of 2021, a figure much higher than the N48.22 trillion recorded in the first half of 2020.
The NBS revealed this in its recent Expenditure and Income Gross Domestic Product (GDP) report released on Monday, October 18.
Household final expenditure is the amount of final consumption expenditure made by resident households to meet their everyday needs, such as food, clothing, housing (rent), energy, transport, durable goods (notably cars), health costs, leisure, and miscellaneous services.
According to the NBS, the expenses incurred by Nigerian households increased by 13.7 percent in the last six months of 2021 however, it was 7.45 percent lower than the N59.25 trillion spent by Nigerian households in the second half of last year.
The report shows that the final expenditure for households on consumption increased by 8.90 percent in Q1 and 19.08 percent in Q2 of 2021.
The report also revealed that household consumption accounted for the largest share of real GDP at market prices which stood at 53.68 percent and 51.82 percent in Q1 and Q2 2020, respectively, compared to 76.83 percent and 72.88 percent posted in the corresponding quarters of 2021.
Also, the compensation of employees during the first and second quarters of 2021 grew by 9.26 percent and 19.44 percent, respectively. For 2020, the growth rate stood at 0.96 percent compared to 8.99 percent in 2019.
The report also said national disposable income declined by 2.25 percent in the first quarter of 2021 and 5.35 percent in the second quarter of 2021.