Only about 5% of Nigerians, according to Finance Minister Wale Edun, have bank accounts with more than N500,000 in them.
In an interview with Channels TV, Edun disclosed this, stating that the changes implemented by the federal government will address the economic disparities that have, over the past eight years, disproportionately benefited a tiny group of elites at the expense of the majority of citizens.
He went on to say that the goal of microeconomic reforms is to guarantee that public funds are allocated to the government’s purse.
“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 enjoy.”
“That is the major correction being made by Mr. President now. These are the major microeconomic reforms that have been 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.
He continued by saying that President Tinubu is attempting to reduce both the high cost of living and the widespread poverty by giving N15 million households a palliative package of N25,000 for the next three months.
“Food prices have gone up and the people’s purchasing power is limited and that is what Mr. President is speaking to through the intervention programmes of direct payment of N75,000 each over three months. That is N25,000 a month to 15 million households.
“And each household is about 5 people and that is effectively providing funding for N75 million people.
“That programme has been revamped to make sure that it is robust, that each beneficiary will have a NIN number or BVN number or access to mobile money account so that we are sure that the right people are paid and the system is fraud-free.”
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli
