Tag: NBS

Nigeria Surpasses Financial Inclusion Target, But 60.4m Adults Remain Financially Vulnerable

Nigeria has surpassed the 70 per cent financial inclusion target under the…

Taiwo Ajayi October 6, 2026

Top 10 African Countries With Highest Inflation Rates in July 2026

Top 10 African Countries With Highest Inflation Rates in July 2026

Sudan recorded the highest inflation rate among the African countries reviewed in…

Innocent Bethel August 25, 2026

Nigeria Inflation Slows as Food Prices Keep Pressure on Households

Nigeria Inflation Slows as Food Prices Keep Pressure on Households

Nigeria’s headline inflation rate is expected to continue easing in the coming…

Innocent Bethel August 20, 2026

Nigeria Food Inflation Climbs as Households Face Rising Living Costs

Nigeria Food Inflation Climbs as Households Face Rising Living Costs

Nigeria’s inflation picture is showing mixed signals as headline inflation continues to…

Innocent Bethel August 18, 2026

cooking gas price Nigeria

Cooking Gas Prices May Drop to N900/kg by End of 2026, Marketers Say

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has projected that…

Housing TV Africa News Desk June 16, 2026

Nigeria’s VAT Revenue Hits N2.42tn in Q1 2026 – NBS

Nigeria’s Value Added Tax (VAT) revenue increased to N2.42 trillion in the…

Housing TV Africa News Desk June 12, 2026

Nigeria Records $10.37bn Capital Importation in Q1 2026, Up 83.8% Year-on-Year

Nigeria attracted $10.37 billion in capital importation during the first quarter of…

Housing TV Africa News Desk June 4, 2026

Nigeria’s Food Inflation Rises to 12.12% in February – NBS Report

NBS: Price of 50kg Bag of Local Rice Jumps 20.5% to N112,000

The National Bureau of Statistics says the average price of a 50kg…

Housing TV Africa News Desk May 7, 2026

Residents of Abuja are increasingly struggling to cope with rising living costs, as a monthly income of ₦300,000—once considered comfortable—loses its purchasing power. Amid persistent inflation and rising fuel prices, many workers in the Federal Capital Territory say their salaries are now barely sufficient to cover basic needs, leaving little or nothing for savings. For civil servants and private sector employees alike, monthly earnings are largely consumed by fixed expenses such as rent, transportation, and food, forcing households into a cycle of financial strain. “We don’t really eat like before. Meat is now occasional. You plan meals like a budget document,” said Grace Utaru, a civil servant in Abuja. Another resident, Abdulrasak Babandede, who commutes from Suleja, described the situation as overwhelming. According to him, by the time rent and transport costs are settled, little remains from his income. The rising cost of housing remains one of the biggest financial pressures. In areas such as Lugbe, Kubwa, and Gwarinpa, annual rent for a modest one-bedroom apartment ranges between ₦800,000 and ₦1.5 million. When broken down monthly, rent alone can take up as much as 40 percent of a worker’s salary, excluding additional charges like agency fees and service costs. This is further complicated by Nigeria’s upfront rent payment structure, which places heavy financial demands on tenants. Experts say the widening gap between income levels and housing costs is driven by limited supply, high construction costs, and inflationary pressures. Transportation is another major burden. Workers commuting daily from satellite towns to business districts report spending between ₦40,000 and ₦60,000 monthly on transport, largely due to rising fuel prices. Energy costs also continue to climb. With unreliable public power supply, many households now spend between ₦30,000 and ₦70,000 monthly on electricity and generator fuel. Food inflation has added to the pressure. A family of four now spends between ₦120,000 and ₦180,000 monthly on food, forcing many households to cut back on protein and adopt cheaper meal options. Development economists warn that when essential expenses—housing, food, transport, and energy—consume the bulk of income, households are left with little capacity to save or withstand financial shocks. This comes despite recent government efforts to improve wages. In 2024, President Bola Ahmed Tinubu approved a ₦70,000 minimum wage, with a promise of periodic review. However, data from the National Bureau of Statistics shows that inflation remains elevated, eroding real income and weakening purchasing power across the country. Analysts say unless inflation slows significantly and wages adjust accordingly, more urban households could slip deeper into financial vulnerability. The situation highlights a growing reality in Nigeria’s cities: earning what was once considered a stable income is no longer enough to guarantee financial security.

N300,000 Salary No Longer Enough in Abuja as Living Costs Rise

Residents of Abuja are increasingly struggling to cope with rising living costs,…

Housing TV Africa News Desk April 17, 2026

FG Targets December Launch for National Housing Data Centre

The Federal Government has announced plans to make the long-awaited National Housing…

Housing TV Africa News Desk November 3, 2025