Nigeria’s finance minister says only about 5% of Nigerians have over N500,000 in bank accounts

Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun has revealed that only around 5% of individuals in Nigeria have more than N500,000 in their bank accounts.

He made this known in an interview with Channels TV. He added that reforms the government has embarked on in recent times are to rectify the economic imbalances that disproportionately favour a small group of elites in the last eight years over the majority of citizens, Nairametrics reported.

The minister stressed that the reforms are expected to correct the imbalance in the economy by addressing excess liquidity not connected to the production or supply of goods and services. He noted that such imbalances only serve a select few in the economy.

What the minister said:

“There has been an effort to ensure that the people’s money is not in the hands of a few. And on that point, I must emphasize that when we talk about the last eight years before Mr. President came to power, there was this liquidity built up,”

“The Issue was that the funds were going to a few. Only about 5% of the population have bank accounts that have more than half a million in them. So, the majority was left out for eight years. They are on the sidelines while a small minority enjoy,”

“That is the major correction being made by Mr. President now. That is the major microeconomic reforms that have been put in place.”

He added that President Tinubu is working to mitigate the poverty of the masses as well as the high cost of living by providing a palliative package of N25,000 to N15 million households for the next three months.

The cost of living in Africa’s largest economy has been on the rise, particularly exacerbated by the removal of fuel subsidy and the depreciation of the naira. The purchasing power of Nigerians has been eroded, with inflation reaching a record high of 29.90% in January.

Edun also pointed out that the government plans to offer grants to artisans, traders, and nano business owners to enhance their small businesses and improve their overall livelihoods.