Nutritional depravation (both in quality and quantity) is high amongst the rural inhabitants of Nigeria. The study was carried out to examine the dynamics of nutritional depravation and its determinants among farming households in Southwest, Nigeria. The results indicated that 39.96% households in the region were able to meet the basic nutritional demands the year round, while 64.58% of the male-headed households are nutritionally well off and are able to meet their food requirements. Estimated minimum amount required to meet the basic nutritional requirements of a person (on a weekly basis) was N 451.48 (1 United States dollar = N165), whereas the amount actually spent was N 412.95, indicating a gap between the demand and supply of food items and expected to affect the overall health of the individual in some way or another. The results from the transitory matrix indicated that 44.2% households were nutritionally well off.