The National Bureau of Statistics has said that Nigerian residents spent N108.47tn on household consumption in 2021 in nominal terms.

The figure is higher than the N97.72tn recorded in 2020, showing an increase of 11 per cent amid double-digit inflation.

The NBS disclosed this in its recent Expenditure and Income Gross Domestic Product report released on Wednesday.

According to the report, household consumption accounted for the biggest share of the expenditure GDP.

The household consumption expenditure includes imputed expenditure incurred by resident households on individual consumption goods and services.

In the first quarter of 2021, household consumption expenditure was N25.62tn, dropping to N24.28tn in Q2 2021.

An increase to N28.53tn was recorded in Q3 2021, and a further increase to N30.04tn in Q4 2021.

Credit: Punch

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