This paper examines how changes in Fertility Rate Differentials affect household portfolio demand (expenditure on food, monetary transactions, goods and services and non-cash expenditure) in Nigeria. The paper disaggregated household portfolio into four categories and established a link between population dynamics (demographic variables) and household expenditure components using the Vector Error Correction Methodology. The estimated equations are used to project the pattern of the different components of household demand based on the optimum case population scenario. The results suggest that fertility dynamics in Nigeria can produce significant effects on the economy via the expenditure profiles of households.