A recent survey has shown that almost half of Nigerians on minimum wage earning can’t afford anything other than feeding as they spend it all on food supplies, which goes to show how meagre the take-home is.
This shocking revelation was made and revealed in a survey conducted by SBM Intelligence, a Nigerian geopolitical intelligence platform, and published on their website to highlight Nigeria’s escalating inflation and other macroeconomic challenges.
With the inflation of the naira currently at an all time high and not looking like slowing down, this statistic becomes even more damning.
The report reads:
49% of people earning less than the N30,000 minimum wage spend all their income on food, while 47% of those earners between N31,000 and N50,000 spend their entire income on food. 47% of all the respondents said they had to cut back on spending, while another 27% said they now use loans to keep up with their expenses.
It is worth recalling that the report a couple of months ago by Picodi Research, an international e-commerce organisation, indicated that Nigerians typically allocates around $62 (approximately N49,600 at an official rate of N800/$) monthly towards their food expenditures. This means Nigeria firmly leads the way on food consumption accross Africa.