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Video: Only 5 Percent of Nigerians Have N500k in Their Accounts, Says Minister Of Finance, Wale Edun

Only 5 Percent of Nigerians Have N500k in Their Accounts, Says Minister Of Finance, Wale Edun

The Nigerian Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, has stated that approximately only 5 percent of Nigerians have more than N500,000 ($340) saved in their bank accounts.

Considering that Nigeria has a population of a little over 213 million people, going by the minister’s claims, it would mean that only a little over 10,650,000 Nigerians have above $340 saved in their bank accounts.

Only 5 Percent of Nigerians Have N500k in Their Accounts, Says Minister Of Finance, Wale Edun
Wale Edun

The minister, who said this while in an interview with Channels TV, said the government reforms are aimed at rectifying the imbalance in the system created to enrich only a few elites.

He further said that the aim of microeconomic reforms is to curb corruption and ensure that government revenue is directed into the government’s treasury.

The minister said that the reforms are aimed at ensuring that the poor are kept at the every policy’s priority, as part of the fulfilment of President Tinubu’s promise to ensure an economy that gives more purchasing power to the poor before the end of his tenure.

  • “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 enjoyed.
  • “That is the major correction being made by Mr. President now. That is the major microeconomic reforms that have put in place.
  • “So therefore, government revenue that was outside the federal government consolidated revenue funds have been brought back to the government funds,” Edun said.

FG to pay 75,000 Each to 15 million households in 3 months

The minister also noted that Federal Government plans a major overhaul of its cash transfer program with the launch of a cash palliative of direct transfers of N75,000 to 15 million households in 3 months.

REPORT AFRIQUE earlier reported on this, emphasizing the minister’s claims that the direct payments of N75,000 will be disbursed to 15 million households over a three-month period, equating to N25,000 per month for each household, benefiting approximately 75 million individuals.

See video of Mr. Edun’s interview on Channels TV below:

YouTube player

This Article is Fact-Checked. See Policy.
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