AS NIGERIANS continue to grapple with the high cost of goods and services, a whooping sum of N57.1 trillion has been spent on household items in the first six months of the year.
The figure is contained in National Bureau of Statistics (NBS)’s data on Nigeria’s GDP released in Abuja, yesterday.
Explaining that figure was arrived at through expenditure and income approach, NBS also said Nigeria’s household consumption expenditure in H1 2022 increased by 14.4 per cent compared to N49.89 trillion recorded in the corresponding period of 2021.
According to the report, compared to the first half of 2020, which was affected by the pandemic and movement restrictions, household consumption expenses surged by 30.6 per cent while it increased by 16.4 per cent in contrast to N49.06 trillion recorded in the same period of 2019.
A further breakdown showed that household expenditure in the first half of the year accounted for 62.4 per cent of the total expenditure by the populace (gross domestic product by expenditure– N91.41 trillion) while consumption expenditure of non-profit organisations stood at N496.47 billion, accounting for 0.5 per cent of the total.
While government consumption expenditure declined by 3.97 per cent on a year-on-year basis to stand at N4.06 trillion, which accounts for 4.4 per cent of the total GDP expenditure, gross fixed capital formation, which is represented as fixed asset acquisitions minus disposals stood at N28.5 trillion, representing 31.2 percent of the total expenses.
The report also showed that N27.71 trillion was spent on household consumption in the first quarter of the year while N29.37 trillion was spent in Q2 of 2022 but in terms of real value, which excludes the effect of inflation, Nigerians spent a sum of N27.29 trillion on household consumption, which is 12.1 per cent higher than the corresponding period of 2021 (N24.35 trillion).