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The short answer
Set the allowance from your parents' actual monthly costs, not a round number: food, power, medicines, transport, phone and help at home, plus a small buffer. In the labelled example below, that comes to ₦275,000 a month. Review it at least once a year: headline inflation was 14.63% and food inflation 19.59% in September 2026, so last year's figure is likely too low.
Why a round number goes wrong
Many children abroad send a fixed sum that felt right when they started: £100, £200, whatever it bought then. Two things erode it. Naira prices rise, and the pound amount buys a different number of naira each month. A needs-based budget fixes both: agree what the money is for, price it in naira, and convert whatever that costs in pounds.
Build the budget with your parents
Sit down, on a call, with whoever runs the house. Go line by line and ask what each thing actually cost last month. Receipts, electricity token history and pharmacy bills are better than guesses.
- Food and household items, including what is bought at the market weekly.
- Electricity: prepaid tokens or a postpaid bill, plus fuel for a generator if there is one.
- Medicines for regular conditions, and routine check-ups.
- Transport: fares, fuel, or a driver.
- Phone and data.
- Help at home: a house help, a carer or a gardener.
- Church, mosque and social contributions, which are real costs at home.
A worked example (illustrative)
Example only. Two retired parents in a Nigerian city, no rent to pay:
| Item | Monthly |
|---|---|
| Food and household | ₦120,000 |
| Electricity and fuel | ₦40,000 |
| Medicines | ₦35,000 |
| Transport | ₦25,000 |
| Phone and data | ₦10,000 |
| Social and other | ₦20,000 |
| Subtotal | ₦250,000 |
| Buffer, 10% | ₦25,000 |
| Monthly allowance | ₦275,000 |
Add any wages for a house help or carer separately, and pay them directly where you can; see paying a carer for a parent in Nigeria.
Keeping up with prices
Voice of Nigeria reported the NBS figures for September 2026 as headline inflation of 14.63% year on year and food inflation of 19.59%. Food is usually the largest line for older parents, so the budget above would need roughly a fifth more on food after a year at that rate: ₦120,000 becomes about ₦143,500 (₦120,000 x 1.1959). Two simple rules work:
- Review the budget every January with your parents, line by line.
- In between, keep the naira amount fixed and let the pound amount move with the exchange rate, rather than the other way round.
Cash, or paying bills directly
A monthly transfer gives your parents control, which many prefer. Paying some bills yourself (electricity tokens, a pharmacy, a carer) makes sure they are paid and shows where the money goes. Many families do both: a cash allowance for daily spending, and direct payments for the big recurring items. Paying family bills in Nigeria directly explains the direct route, and recurring transfers from the UK covers sending on a fixed date.
Sharing with siblings, and the UK side
If siblings share the cost, split by agreement, not by who answers the phone. Some split equally, some by income. Write down who pays what and on which date; pooling money between siblings has a simple method.
On the UK side, money you give to parents is a gift for tax purposes. GOV.UK's Inheritance Tax guidance says regular gifts from your income are exempt if they are part of your normal spending, made from income rather than savings, and leave you able to keep your usual standard of living; its examples include financial support for an elderly relative. Keep a record of what you send. This is information, not tax advice.
When needs change
The budget is not fixed for life. A parent's health is the biggest driver: a new diagnosis can add a monthly medicine line, regular tests and transport to a clinic, and later the cost of help at home. When that happens, add the new lines rather than stretching the old total. The reverse also happens. A sibling moving back home, a parent starting a pension or renting out a room can reduce what is needed from you. Ask directly once a year, and make it easy for your parents to say when money is short rather than wait for a crisis. Many parents under-report what they need because they do not want to be a burden; a line-by-line review takes that pressure off.
Where Pryme fits
Keeping the allowance as a naira figure is easier when you hold naira: convert with Swap when you choose (the app shows the rate and the fee before you approve) and send on a set date with Send. The Personal Assistant can prepare the monthly payment and remind you; nothing moves without your approval. Naira deposits are held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit. Outside Nigeria, Pryme's activities are carried out through regulated partners.
Questions people ask
How much should I send my parents in Nigeria every month?
Price their actual monthly costs in naira and add a buffer. In our labelled example for two retired parents, that is ₦275,000; your figure depends on where they live and what they need.
Should I send a fixed pound amount or a fixed naira amount?
A fixed naira amount keeps your parents' budget steady; the pounds you need then move with the exchange rate.
How often should I review the allowance?
At least once a year. Headline inflation was 14.63% and food inflation 19.59% in September 2026.
Is money I send my parents taxed in the UK?
Regular gifts from income can be exempt from Inheritance Tax as normal expenditure, according to GOV.UK. Keep records; this is information, not advice.
Sources
- Voice of Nigeria: Nigeria's headline inflation drops to 14.63 per cent (16 Oct 2026) · accessed Oct 2026
- GOV.UK: Inheritance Tax, gifts · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.