The Finance Minister and Coordinating Minister of the Economy, Wale Edun, has stated that approximately only 5 per cent of people in Nigeria have more than N500,000 in their bank accounts.
He added that the primary goal of microeconomic reforms is to channel government revenue into the government’s coffers.
The minister highlighted that the reforms aim to address the excess liquidity in the economy unrelated to the production or supply of goods and services. He noted that these imbalances primarily favor a small segment of the population.
“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 emphasise 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.
