Only 5% Of Nigerians Have Over ₦‎500k In Their Bank Accounts (Finance Minister)

Shocking: Only 5% Of Nigerians Have Over ₦‎500k In Their Bank Accounts (Finance Minister)

According to Wale Edun, Nigeria’s Finance Minister and Coordinating Minister of the Economy, says approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts.

That is only about 5% of Nigerians out of over 200+ million Nigerians have NGN500,000 in their bank accounts, what a sad situation in Nigeria


The Minister who disclosed this on Friday in an interview on Channels Television said the Federal Government plans to rectify the economic imbalances that disproportionately favor a small group of elites in the last eight years over the majority of Nigeria citizens.


This is one of the reasons we are holding a series of economic reforms and the aim of the upcoming microeconomic reform, he said, is to ensure revenue is directed into the government’s treasury.


His words: “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 elite individuals across the country, that only about 5% of the population have bank accounts that have more than half a million in them.


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So, the majority was left out for eight years struggling in poverty. They are on the sidelines while a small minority enjoy.” This is one narrative we look forward to changing.


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