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.
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.
Speaking further, he said president Tinubu is working to ameliorate the poverty of the masses as well as the high cost of living by providing a palliative package of N25,000 to N15 million households for the next three months.
He noted that the government will also provide grants to artisans, traders and nano business owners grants to help boost their small businesses and improve their livelihood.
According to him, the system of these intervention programmes and payment have been revamped to ensure the funds get to the targeted beneficiaries.
He said:
