Only 5% of Nigerians Hold Over ₦‎500k in Bank Accounts – Finance Minister

Wale Edun, Nigeria’s Finance Minister and Coordinating Minister of the Economy, shed light on the financial landscape of Nigeria, unveiling that merely 5% of the population possess bank balances exceeding ₦‎500,000.

In an exclusive interview with Channels Television on Friday, Minister Edun outlined the Federal Government’s strategic agenda to rectify prevailing economic disparities that have favored a privileged minority while sidelining the majority over the past eight years.

The essence of ongoing microeconomic reforms, he emphasized, aims to channel revenue streams more inclusively into the national treasury, fostering equitable distribution of wealth and opportunity across Nigerian society.

“In the preceding eight years prior to Mr. President assuming office, a significant liquidity buildup was evident,” Minister Edun articulated. “However, a critical concern was the concentration of these funds within a select few. Merely 5% of our populace harbored bank accounts boasting balances surpassing half a million Naira. This left the vast majority marginalized, relegated to the sidelines, while a privileged minority relished in financial abundance.”

Minister Edun’s revelations underscore the imperative for concerted efforts toward economic recalibration, ensuring that prosperity is not monopolized but instead permeates throughout all strata of Nigerian society.