Food prices: Average Nigerian income no longer enough to feed families, says Oyedele

Nigeria’s Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, told Chatham House in London that a government survey found households spend up to 120% of their income on food, sometimes borrowing or relying on relatives. He said headline inflation stood at 14.63% in September, while food inflation was 19.59%, widening inequality as food prices rose faster. Oyedele warned that macroeconomic stability has yet to help Nigerians who cannot afford food. Experts, including financial analyst Okechukwu Unegbu, have challenged the inflation data published by the National Bureau of Statistics.