Nigerians Spent N106.5trn On Goods, Services In 2020, Says NBS

Nigerian households spent N106.5trn on consumption expenditure in 2020 amidst Covid-19 pandemic, according to an official report.

This is based on a report released by the National Bureau of Statistics on the ‘Gross Domestic Product by Expenditure and Income Approach’.

The N106.5trn on consumption expenditure by households represents about 88.1 per cent of the total consumption by households, non- profit institutions serving households and the government.

Households spent N25.38trn, N22.8trn, N28.1trn and N30.2trn in the first, second, third and fourth quarters respectively.

The NBS data showed that consumption expenditure of non- profit institutions serving households was N924.86bn, while government’s consumption expenditure was N13.43trn, amounting to a cumulative of 120.84trn spent last year.

Nigeria in the fourth quarter unexpectedly exited recession with a GDP growth of 0.11 per cent in fourth quarter of 2020.

According to NBS, Nigeria GDP by market price in 2020 was N154.25trn out of which 78.3 per cent representing N120.84 was spent on household, non-profit institutions and government consumptions.

In 2019, consumption expenditure of households, expenditure of non- profit institutions serving households and government was N116.75trn.

The N120.trn consumption expenditure recorded in 20202 shows that spending rose 3.5 per cent from the N116.75trn recorded in 2019.

But despite higher consumption recorded in 2020, household consumption expenditure fell N1.59trn from the N108.08trn spent in 2019 to the N106.48trn.