Only about 5% of Nigerians, according to Minister of Finance and Coordinating Minister of the Economy Wale Edun, have more than ₦500,000 in their bank accounts.
The federal government’s changes, according to Edun, are intended to address the economic disparities that have disproportionately benefited a tiny group of elites over the majority of residents over the past eight years. Edun made this revelation in an interview on a television program.
He went on to say that directing government money into the government’s coffers is the main objective of microeconomic reforms.
The minister added that only a small portion of the economy benefits from these imbalances and that the changes are corrective steps to absorb the liquidity in the economy that is unrelated to the production or supply of goods and services.
Speaking further, he said that President Tinubu is trying to lower the high cost of living and the widespread poverty by giving ₦15 million households a palliative package of ₦25,000 for the next three months.