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Only 5% of Nigerians have above N500,000 in their bank accounts – FG

"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 enjoys"

Samuel AkpanFebruary 24, 20241.4k

The Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, has said wealth distribution in the last administration was unequally distributed, as only the elite benefited from the administration.

Edun, while appearing on Channels TV, said the federal government’s policies are geared towards correcting wealth inequality, where the elite are prioritised over the majority of Nigerians.

Persecondnews reports that wealth inequality, or wealth gap, measures wealth distribution in a country. It is the difference between the richest and the poorest in a country or location.

The minister said: “Wealth inequality is similar to income inequality, although it also includes the value of bank accounts, stocks and investments, homes, and personal possessions. It’s a major determinant of an unequal standard of living.

“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 enjoys.”

“That is the major correction being made by Mr. President now. That is the major microeconomic reform that has been put in place.

“So therefore, government revenue that was outside the federal government consolidated revenue funds has been brought back to the government funds,” Edun said.