Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that only five percent of Nigerians can boast of more than N500,000 in their bank accounts.
Edun disclosed this in an interview on Channels Television on Friday.
“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,” Edun said.
“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.”
The Minister said some major corrections are being made by President Bola Ahmed Tinubu’d macroeconomic reforms to stabilise the Nigerian economy.
He stated that the government revenue that was outside the federal government consolidated revenue funds have been brought back to the government funds.
Edun said the President is introducing intervention programmes that will be delivered directly to households to ease the hardship being experienced in the country.
He noted that the intervention programme has direct payments of N75,000 each, over three months, which is N25,000 a month to 15 million households.
He added that the government effectively provides funding for 75 million Nigerians through different programmes.
