The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has expressed concern that only around 5% of Nigerians have more than N500,000 in their bank accounts.
Edun stated that it is unacceptable for the wealth of the nation to be concentrated in the hands of a few while the majority suffers in poverty.
During an interview with Channels TV, the Minister mentioned that President Bola Tinubu‘s administration is actively working to address this imbalance, where a small group of elites have an advantage over the majority.
Edun emphasized that part of the efforts to correct this imbalance, which has persisted for about eight years, includes the implementation of various economic reforms by the current administration.
The minister explained that these reforms are aimed at addressing the excess liquidity in the economy that is not linked to the production or supply of goods and services. He added that these imbalances only benefit a select few 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.
