Business
Household Consumption Spending Rises To N108trn -NBS
The National Bureau of Statistics (NBS) says the sum of N108.47trillion was spent by Nigerian households for consumption in nominal terms in 2021.
This is an increase, compared to the N97.72trillion recorded in 2020, showing an increase of 11 per cent amid double-digit inflation.
In its recent Expenditure and Income Gross Domestic Product (GDP) report, the NBC disclosed that the household consumption accounted for the biggest share of the expenditure GDP.
According to the record, 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 N25.62trillion, dropping to N24.28trillion in Q2 2021.
An increase to N28.53trillion was recorded in Q3 2021, and a further increase to N30.04trillion in Q4 2021.
The report further disclosed that in nominal terms, there was a 10.92 per cent and 6.12 per cent increase in the third quarter and last quarter of 2021, respectively.
”In nominal terms, household final consumption expenditure grew by 10.92 per cent in Q3, and 6.12 per cent in Q4 2021. The annual growth rate of 11.00 per cent was recorded in 2021. This growth rate was lower by 20.59 percentage points than figure recorded in the previous year which stood at -9.59 per cent.
“Household consumption accounted for 70.85 per cent of real GDP at market prices in Q3 2021, and 71.35 per cent in Q4 2021”, it stated.
By: Corlins Walter
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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