Finance Minister Reveals Economic Disparities in Nigeria

Finance Minister Wale Edun revealed in an interview with Channels TV that only about 5% of Nigerians have more than ₦500,000 in their bank accounts.

He emphasized that government reforms aim to address economic disparities favoring a small elite group over the majority.

He noted efforts to ensure equitable distribution of funds and redirect government revenue into the treasury. Previously, liquidity was concentrated in the hands of a few, leaving the majority sidelined.

President Tinubu’s administration aims to alleviate poverty and high living costs by providing palliative packages ranging from ₦25,000 to ₦15 million to households over three months.

This intervention targets 15 million households, approximately 75 million people, to mitigate the impact of rising food prices and limited purchasing power.

Measures have been taken to ensure the program’s integrity and prevent fraud through the verification of beneficiaries’ NIN, BVN, or mobile money accounts.