BREAKING: Only 5 Percent of Nigerians Have N500k in Their Accounts, Says Minister Of Finance, Wale Edun

The Nigerian Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun , has stated that approximately only 5 percent of Nigerians have more than N500,000 ($340) saved in their bank accounts....READ FULL ARTICLE

Considering that Nigeria has a population of a little over 213 million people, going by the minister’s claims, it would mean that only a little over 10,650,000 Nigerians have above $340 saved in their bank accounts.

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The minister, who said this while in an interview with Channels TV, said the government reforms are aimed at rectifying the imbalance in the system created to enrich only a few elites.

He further said that the aim of microeconomic reforms is to curb corruption and ensure that government revenue is directed into the government’s treasury.

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The minister said that the reforms are aimed at ensuring that the poor are kept at the every policy’s priority, as part of the fulfilment of President Tinubu’s promise to ensure an economy that gives more purchasing power to the poor before the end of his tenure.

The minister also noted that Federal Government plans a major overhaul of its cash transfer program with the launch of a cash palliative of direct transfers of N75,000 to 15 million households in 3 months.

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REPORT AFRIQUE earlier reported on this, emphasizing the minister’s claims that the direct payments of N75,000 will be disbursed to 15 million households over a three-month period, equating to N25,000 per month for each household, benefiting approximately 75 million individuals....READ FULL ARTICLE