₦airaland Forum

Here’s a look into the top ten expenses Nigerians prioritised their money on in 2024.

In Nigeria, many families face economic challenges, making careful budgeting important amid the high cost of essential expenses.

Currently, less than half of Nigerians are reported to have any savings. According to the PiggyVest savings report, 43% do not save at all.

I want to sell out 02 Arena for Yoruba language and act - Yusuf Gemini Balogun, oral poet0:00 / 0:00

The report also reveals that about one-third of Nigerians earn less than N100,000 (around $61) per month. In terms of spending, 33% of Nigerians spend about N50,000 ($30) monthly, while 35% spend between N50,000 and N99,000 (up to $55).

Another 19% spend between N100,000 and N199,000 (up to $121), and 10% spend between N200,000 ($122) and N499,000 ($304). Only 2% spend between N500,000 ($304) and N999,000 ($608) each month while 1% of Nigerians spend N1 million ($609) monthly.

Here’s a look at the top ten monthly expenses Nigerians focus on in 2024::


1. Food and Groceries – 83%
Food is the biggest expense for most Nigerians. Rising food prices mean families spend about 83% of their income on groceries to cover basic meals. Even with the high costs, food remains the top priority.


2. Transport – 48%
Transportation costs take a large part of the budget. Many Nigerians commute daily to work, school, or other places, spending nearly half their income on transport fares or fuel for their vehicles.


3. Bills and Utilities – 38%
Keeping the lights on and covering other utilities like water and internet is also a major cost. About 38% of monthly income goes toward electricity, generator fuel, and other necessary household services.


4. Clothing – 35%
Clothing is still a priority for many Nigerians, even in tough times. People spend around 35% of their money on clothes and personal appearance, as cultural and social events often require formal or new attire.


5. Childcare – 24%
Childcare is essential for many Nigerian working parents with around 24% of their money going to daycare, nanny services, and other child support options.


6. Housing – 23%
Housing costs, like rent and maintenance, take up 23% of the budget for many Nigerian families. Rent is a necessary monthly expense, and finding affordable housing can be challenging, especially in big cities.


7. Healthcare – 18%
Healthcare is another important expense, using up about 18% of monthly income. With limited affordable healthcare options, many rely on private clinics and pharmacies, which can be costly.


8. Education – 14%
Education is highly valued in Nigeria. Families spend about 14% of their income on school fees, supplies, and other educational costs, seeing it as an investment in their children’s future.


9. Family Support – 11%
Supporting family members is common in Nigerian culture. Around 11% of income goes to help extended family, whether through remittances, emergency help, or support for elderly relatives.


10. Clubs and Social Activities – 8%
Despite financial struggles, Nigerians still enjoy social gatherings. People spend about 8% of their income on clubs and social activities.

https://www.vanguardngr.com/2024/11/top-10-things-nigerians-spend-their-money-on-amid-hardship/

Tulumbu till 2094. Tulumbu is working. Be patient Nigerians


Trump to the world ✌🏿

Especially number 1&2

I disagree.

Internet connection should be considered the number one utility and should stand as a separate bill from other utility expenses. Even during challenging times, people rely on social media to stay connected. Additionally, job seekers are increasingly active online in their job searches.

The sad reality about the issue of hardship is complete silence of Tinubu. I know he will find his voice when another election is drawing nearer. How can one man put the whole country in extreme pains. Cost of living is getting higher everyday and nobody knows what to expect tomorrow.

What kind of data in percentage is this

I don't understand this ratio.

83% of my income on food, 48% of same income on transportation, 38% of still same income on Bills and Utilities, yet again clothing is taking 35% of same income and the rest.

Shouldn't the total percentage be 100? I'm not understanding this analysis.

Data

Food must be number 1!

Na person wey chop belle full dey buy Love Machine!
I hear say ladies still dey clear Love Machine market?

May Allah protect us from evil and the devil!

Yoruba government has destroyed Nizooria kpata kpata. Kwashioko everywhere in Yoruba land. Tueh

Awon deliverer of Lagos… they now rejoice in making people poorer. We now spend on daily expenses without hope for the future.

I didn't see security

Food comes first, transportation and Internet comes after for an average Nigerian.

Things are so tough that even runs girls decry the current economic situation.
Hardship humorously highlights how financial strain can unintentionally promote marital fidelity. Because resources are limited, people are now forced to prioritize essentials, making "extravagant" pursuits like maintaining affairs seem impractical and even unaffordable. With rising costs, couples have refocused on building stability together, sharing the load, and aligning priorities to handle life's challenges, which has deepened their commitment. Economic hardship now acts as an unexpected fidelity booster, as their focus now shifts towards shared responsibilities and a more grounded lifestyle.

It is simply too costly to cheat. A serial cheat who maintained multiple women has forcefully reduced the numbers. Infidelity budget is sacrificed or reduced to accommodate his family living expense.

Tinubu do this one for Nigerian women and should be counted as one of this administrations achievements.

The hospitality sector took the worst hit from Tpain



So sad what the yoruba best has become in office

Check your maths again. The sum of percentages are higher than 100%.

It is normal nah

bet9ja and baba ijebu

Me that spends 40k on food for one month. I now spend 200k and still not enough. I use to buy cooking gas 3400 as at 2021 but now gas is 17k.

I used to spend 40k to fuel my car for one month before, I now use 180k.

God go punish T-pain.

Happy Sunday.

Please repent and Honour God today:

Ezek.18.30 - "Therefore I will judge you, O house of Israel, every one according to his ways," says the Lord GOD. "Repent, and turn from all your transgressions, so that iniquity will not be your ruin.

Still the basic things that make life worth living

fixedhollies:
Awon deliverer of Lagos

No be this same Lagos we dey

Wetin him deliver

10. Clubs and Social Activities – 8%
Despite financial struggles, Nigerians still enjoy social gatherings. People spend about 8% of their income on clubs and social activities.

Jokers. If you dey go club, you go understand say this 8% nah joke..

Club wey I still go yesterday..

They way people dey spend for club ehh, e go shock you. Clubbing nah one of reasons why I always laugh whenever I see the news about how many Nigerians are poor… Naija people get money no dey think ham o!

This message is to the so called Nairaland mods.
I wonder why you guys think i give a heck if am restricted to post on this platform in the name of a ban
Nairaland is not doing me a favour, neither am the one doing them a favour by posting news & engaging on this platform. So your so called ban or restriction is very immaterial to me.
If you guys like ban for ages, its your fucking headache, not mine

Zico5:
The sad reality about the issue of hardship is complete silence of Tinubu. I know he will find his voice when another election is drawing nearer. How can one man put the whole country in extreme pains. Cost of living is getting higher everyday and nobody knows what to expect tomorrow.

In a rational society, his second term would be unthinkable, but this is Nigeria, and we forget so quickly.

Food

Transport


Medicine for constant headache


Atleast i made d 1% that spend above 1 milli monthly. Still, i think this statistics is not accurate. Inflation has made everything expensive, spending 90k or even 300k a month is like just staying at home and not buying clothes, paying bills and transportation.


Also, i barely know anyone that uses Piggyvest, so their 0.08 percent users are not enough to plot an actual statistics.


From commons sense, i can get my own figures which won't be accurate because it is subjected to my outlook of life and people i interact with daily plus perception.


1. Food... 75%


2. Transportation... 35%


3. Medicine, Agbo, Igboya Bitters, cigars, alchohol, beverages and pure water, also (42% of Nigerian youths are addict to one kind of drugs or another, like Tramadol, weed, cigar, alchohol)that .... 45%


4. Miscellaneous and Cut Off Guard By Constant Inflation...

TJOS:
I disagree.

Internet connection should be considered the number one utility and should stand as a separate bill from other utility expenses. Even during challenging times, people rely on social media to stay connected. Additionally, job seekers are increasingly active online in their job searches.

You can write your own top 10 out. That's his own top 10 on the "average" Nigerian. The "average" Nigerian don't have any phone let alone using smart phone.

The % doesn't balance...

T-pain na small boy(devil) none of useless policy gets to us.just find a way to make dollars nothing they happen

zombieHUNTER:
No be this same Lagos we dey

Wetin him deliver

Na d lies dem sell for the remaining people be that. That man is the greatest mistake of the century.

Tilumbu has throw the nation into a multidimensional poverty never seen before since the stone age.

Totally wrong, this report lacks the real touch of reality, it was just based on amature assumptions that lacks credibility