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The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has lamented that only about 5% of Nigerians have more than N500,000 in their bank accounts.
Edun said it is not acceptable that the wealth of the nation is concentrated in the hands of a few while the majority languish in poverty. Speaking during an interview with Channels TV, the Minister said the administration of President Bola Tinubu is working hard to address this imbalance in which just a few elites have the advantage over the majority of others. Edun stressed that part of the moves to correct the imbalance, which has been on for about eight years, is the various economic reforms introduced by the current administration. The minister said 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.
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