Finance Minister, Wale Edun, a mere 5% of Nigerians possess more than N500,000 in their bank accounts.



Finance Minister Wale Edun has highlighted that only around 5% of Nigerians possess more than N500,000 in their bank accounts. Speaking in an interview with Channels TV, Edun emphasized that recent government reforms aim to address economic disparities that have favored a small elite group over the majority of citizens in the past eight years.

He underscored the significance of redirecting government revenue into the treasury to benefit a broader segment of the population. Edun pointed out that during the previous administration, there was a concentration of funds in the hands of a few, leaving the majority marginalized.

According to Edun, President Tinubu’s administration is focused on addressing poverty and the high cost of living by implementing a palliative package. This initiative will provide financial support ranging from N25,000 to N15 million households over the next three months.

Furthermore, Edun highlighted the importance of ensuring transparency and accountability in the distribution of these funds. Measures such as requiring beneficiaries to have National Identification Numbers (NIN) or Bank Verification Numbers (BVN) aim to prevent fraud and ensure that assistance reaches those in need.

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