Only 5% Of Nigerians Have Over N500,000 In Their Bank Accounts — Finance Minister

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.

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 favour a small group of elites in the last eight years over the majority of citizens.

The aim of 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. 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.”

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