Only about 5% of Nigerians have over N500,000 in their bank accounts — Wale Edun

The Finance Minister and Coordinating Minister of the Economy, Wale Edun, has stated that approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts.

Edun, who made this disclosure in an interview with Channels TV, said the federal government reforms is to rectify the economic imbalances that disproportionately favour a small group of elites in the last eight years over the majority of citizens.

He further remarked that the aim of microeconomic reforms is to ensure government revenue is directed into the government’s treasury.