Only 5 Percent Of Nigerians Have Over ₦‎500k In Their Bank Accounts -- Minister Of Finance, Edun

 Nigeria's Finance Minister and Coordinating Minister of the Economy, Wale Edun, has revealed that just about 5% of the population in Nigeria possesses more than N500,000 in their bank accounts. 

Speaking in an interview on Channels Television, the minister emphasized the Federal Government's commitment to addressing economic disparities that have favored a limited elite group over the majority of citizens for the past eight years. 

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Edun highlighted the government's microeconomic reform objectives, aiming to channel revenue more equitably into the national treasury, thereby promoting a fairer distribution of wealth.

He said:

“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.”