Only 5% Of Nigerians Have N500,000 And Above in Bank Account in Last Eight Years — Minister of Finance

Only 5% Of Nigerians Have N500,000 And Above in Bank Account in Last Eight Years — Minister of Finance

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that a mere 5% of Nigerians possess more than N500,000 in their bank accounts.

Edun made this revelation during an interview with Channels TV, highlighting the stark economic disparities prevalent in the country.

Edun emphasized that the ongoing government reforms are aimed at addressing these imbalances, which have favoured a small segment of elites at the expense of the majority of citizens over the past eight years.

He stressed the importance of redirecting government revenue into the national treasury to foster economic equity.

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Furthermore, Edun articulated that the microeconomic reforms seek to address the issue of excess liquidity in the economy that is not contributing to productive activities or the provision of essential goods and services.

These imbalances, he noted, disproportionately benefit a privileged few while leaving the majority of the population underserved.

The minister’s remarks underscore the government’s commitment to implementing corrective measures to promote inclusive growth and mitigate economic disparities across Nigeria.

“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. Tinubu 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. Tinubu now. That is the major microeconomic reform that has been put in place.

“Therefore, government revenue that was outside the federal government consolidated revenue funds has been brought back to the government funds,” Edun said.