Only 5% Of Nigerians Have N500,000 And Above In Bank Account – Minister Of Finance Says

Wale Edun, the Minister of Finance and coordinating minister of the Economy, has revealed that approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts.

Edun, who made this disclosure in an interview with Channels TV, added that the Nigerian government reforms is to rectify the economic imbalances that disproportionately favour a small group of elites in the last eight years over the majority of citizens.

He further remarked that the aim of microeconomic reforms was to ensure government revenue was directed into the government’s treasury.

The minister said that the reforms are corrective measures to mop up the liquidity in the economy that was not tied to production or supply of goods and services, adding that these imbalances only benefit a few people in the economy.

“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.

Speaking further, he said president Tinubu is working to ameliorate 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.