Only 5% have over N500,000 in their bank accounts — Wale Edun

Alex Omenye
Alex Omenye

The Finance Minister and Coordinating Minister of the Economy, Wale Edun, highlighted that only around 5% of individuals in Nigeria have bank accounts with balances exceeding N500,000.

Edun made this revelation during an interview with Channels TV, emphasizing that recent federal government reforms aim to address economic imbalances that have disproportionately favored a small elite group over the majority of citizens in the past eight years.

Edun underscored that the microeconomic reforms intend to redirect government revenue into the national treasury and rectify the concentration of funds in the hands of a privileged few.

The reforms, according to the minister, are corrective measures to absorb liquidity in the economy not linked to productive activities, ensuring a more equitable distribution.

He stated, “There has been an effort to ensure that the people’s money is not in the hands of 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.”

Emphasizing President Tinubu’s commitment to alleviating poverty and reducing the high cost of living, Edun disclosed plans for a palliative package, providing N25,000 to 15 million households over the next three months.

Additionally, grants will be extended to artisans, traders, and nano-business owners to support their small enterprises and enhance their livelihoods. The minister assured that the intervention programs’ revamped system ensures targeted beneficiaries receive the funds efficiently.

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