Only 5% Nigerians have N500,000 in bank accounts- Edun

Innocent Raphael

The Finance Minister and Coordinating Minister of the Economy, Wale Edun, has revealed that only an estimated 5% Nigerians have more than N500,000 in their bank accounts.

Edun, disclosing this recently in an interview with Channels TV, asserted that the federal government reforms is to rectify the economic imbalances that disproportionately favour a small group of elites in the last eight years over the majority of citizens.

Stating that the aim of microeconomic reforms is to ensure government revenue is directed into the government’s treasury, the minister further explained that the reforms are corrective measures to mop up the liquidity in the economy that is not tied to production or supply of goods and services, adding that these imbalances only benefit a few people in the economy.

“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,” Edun said.

The Minister further revealed plans of the Federal Government 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 households for the next three months.

According to him, artisans, traders and nano business owners would also get grants to help boost their small businesses and improve their livelihood.

He also added that the system of these intervention programmes and payment have been revamped to ensure the funds get to the targeted beneficiaries.