Only 5% of Nigerians Have Up To N500,000 In Their Accounts – Finance Minister Reveals
In a shocking revelation, Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, said that only about 5% of the population have more than N500,000 in their bank accounts.
The Minister made this statement on Friday in an interview on Channels Television, where he explained the Federal Government’s plans to address the economic imbalances that have plagued the country for the last eight years.
According to him, the previous administration allowed a small group of elites to accumulate wealth at the expense of the majority of citizens, who were left out of the economic growth and development.
“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,” he said.
“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.”
The Minister said that the aim of the microeconomic reform initiated by the current administration is to ensure that revenue is directed into the government’s treasury, where it can be used for public services and infrastructure.
He also said that the government is working to create more opportunities for the poor and the middle class, by investing in education, health, agriculture, and social protection.
He urged Nigerians to support the government’s policies and programs, which he said are designed to improve the living standards and well-being of the people.
