Households in Nigeria are expected to spend large amounts of their earnings on basic items such as food and education over the next six months. This is according to a recent Central Bank of Nigeria (CBN) survey.
The poll was conducted from July 22 to 26, 2024, with a response rate of 99.7 per cent with its sample size drawn from the National Bureau of Statistics (NBS) master sample list of 1,665 households.
In its new Household Expectation Survey published on its website, the CBN said that many Nigerians intend to cut down on items that are not essential now, in the next three and six months.
“Spending outlook for the next six months showed that consumers plan to spend a substantial amount of their income on the following items: food and other household Items (54.9 points), education (35.4 points), transportation (30.2 points), electricity (20.0 points) and medical expenses (12.2 points),” the poll shows.
On the other hand, the respondents do not plan to spend a substantial amount of income on big-ticket items such as purchases of houses, cars and household appliances.
Also, Nigerians do not intend to spend money on investments such as acquiring landed properties or other forms of investment. They equally do not plan on saving their incomes.
“This reflects their family financial situation in the current month and reaffirms their stance that they will be drawing down on their savings or getting into debt,” the apex bank survey shows.
The CBN survey also revealed that many Nigerian households expect the naira to continue to fall over the next three months but strengthen in the next six months.
“Consumers expect the naira to depreciate in the current month, next month and next three months but appreciate in the next six months,” the report stated.
