NBS says 68% Nigerian households take loans amid food insecurity

NBS says 68% Nigerian households take loans amid food insecurity

- NBS has revealed that 68% of Nigerian households are suffering from food insecurity

- The commission, after a general survey, said the poverty-stricken households take loans just to buy food

- According to NBS, this is as a result of deteriorating economy complicated by the coronavirus pandemic

PAY ATTENTION: Win a prize of N115,000, N75000 or N38000: participate in Big Naija Independence contest by Legit.ng

The Nigerian Bureau of Statistics (NBS) has stated that about 68% of households in Nigeria wallowing in poverty have resulted in taking loans just to buy foods.

NBS made this known in its August 2020 survey amid hard-biting food insecurity that has made the price of basic necessities soar up beyond the average affordable price.

According to the body, which made this known after a survey, the affected households were reported to have been borrowing from friends and family members.

NBS said 9% of the households obtained loans from banks and microfinance institutions, adding that this is due to the deteriorating economy which was compounded by the current highly-ravaging Covid-19 crisis.

Read also

EndSARS: PTF to Nigerians, expect spikes in coronavirus infections

Nigerians now taking loans to buy food as 68% of households suffer food insecurity
NBS has revealed that 68% of Nigerian households are suffering food insecurity. Credit: The Cable.
Source: Depositphotos

It further stressed that the food security situation in Nigeria remains precarious, even as the lockdown restrictions continue to be loosened.

Part of the report read:

"The share of households experiencing moderate or severe food insecurity remained high at 68% in August 2020.
"Indebted households reported that 55 per cent of the loans were obtained from friends or relatives.
“Loans obtained from more formal sources were far less frequent with only 9 per cent of respondents reporting loans obtained from banks and microfinance institutions and 16 per cent from cooperatives and savings associations.”

PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet!

Meanwhile, Legit.ng reported that Enyinnaya Abaribe, the Senate minority leader, accused President Muhammadu Buhari of an alleged endless blame game, following his controversial October 1 address.

Abaribe who is representing Abia South senatorial district said Buhari is fond of blaming other people instead of himself should there be any hitch in the country.

Read also

Nothing but old news - Senators knock Buhari over 2021 budget, identify why it's unrealistic

Speaking during a pre-recorded interview regarding Buhari’s Independence Day speech on AIT's The Signature Show, the lawmaker maintained that Buhai is the president and it is high time he faced the reality instead of endless blames.

5 years after, Nigerians speak about Buhari's administration | Legit TV

Source: Legit.ng

Online view pixel