Only about 5% of Nigerians have more than N500,000 in their bank accounts
The Minister of Finance, Wale Edun, has stated that approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts.
Edun revealed this in an interview with Channels TV, saying that the federal government's reforms will correct the economic imbalances that have disproportionately favored a small group of elites over the last eight years compared to the majority of citizens.
He further noted that the objective of microeconomic reforms is to ensure that government revenues are directed to the government treasury.
“There has been an effort to ensure that the people’s money does not remain in the hands of a few. And at this point, I must emphasize that when we talk about the last eight years before Mr. President came to power, there was an accumulation of liquidity.
“The issue was that the funds went to a few. Only about 5% of the population have bank accounts worth more than half a million. So, most were left out for eight years. They are on the sidelines while a small minority enjoys it.”
“This is the main correction made by Mr. President now. These are the main microeconomic reforms implemented.
“Therefore, government revenues that were outside the federal government’s consolidated revenue funds were returned to government funds,” Edun said.
He added that 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 to families over the next three months.
“Food prices have gone up and people’s purchasing power is limited and this is what Mr. President is talking about through the direct payment intervention programs of N75,000 each for three months. That is, N25,000 per month for 15 million households.
“And each family has about 5 people and this is effectively providing funding for N75 million people.
“This program has been revamped to ensure that it is robust, that every beneficiary will have a NIN number or BVN number or access to a mobile money account, so that we can be sure that the right people are getting paid and that the system is free from fraud. ”
Source: www.lindaikejisblog.com