Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, expressed concern over the unequal distribution of wealth in Nigeria, revealing that only about 5% of Nigerians have savings exceeding N500,000 in their bank accounts.

In an interview with Channels TV, Edun emphasized the unacceptable nature of the country’s wealth concentration, where a minority hold significant financial resources while the majority struggle with poverty.

He underscored the efforts of President Bola Tinubu’s administration in addressing this disparity, acknowledging the need to rectify the imbalance that has persisted for approximately eight years.

Edun highlighted the implementation of various economic reforms aimed at reducing liquidity in the economy not linked to productive activities. He emphasized that these reforms seek to benefit a broader segment of the population, as opposed to benefiting only a select few elites.

“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.