Nigeria’s Finance Minister, Wale Edun, has made a startling revelation about money deposited in banks.
During a recent interview, he revealed that only 5% of Nigerians have over N500,000 in their bank accounts.
He made the revelation during an interview with Channels TV.
He stated that the federal government’s measures will address economic inequalities that have disproportionately benefited a tiny number of elites over the previous eight years at the expense of the majority of citizens.
He also stated that the goal of microeconomic reforms is to ensure that government revenue flows into the government’s purse.
“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.
He added:
“Food prices have gone up and the people’s purchasing power is limited and that is what Mr. President is speaking to through the intervention programmes of direct payment of N75,000 each over three months. That is, N25,000 a month to 15 million households.
“And each household is about 5 people and that is effectively providing funding for N75 million people.
“That programme has been revamped to make sure that it is robust, that each beneficiary will have a NIN number or BVN number or access to mobile money account so that we are sure that the right people are paid and the system is fraud-free.”
In other news, a market woman has lamented in a viral video shared online.
The woman in the South West was caught on tape complaining about the high cost of food items.
In a video making the rounds on social media, the lady stated that the president should step down for a younger person to take over if he doesn’t know what to do.
She reported that food prices had skyrocketed, with a cup of rice now costing N1200.
‘’You are begging, is it by force. Is it your birthright? Resign so a younger person can take over. This is too much. Release us Tinubu, Emilokan. This debt is too much”
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