The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, expressed concern over the fact that only approximately 5% of Nigerians possess more than N500,000 in their bank accounts.
He decried the concentration of the nation’s wealth in the hands of a few, emphasizing the unacceptability of such disparity leading to widespread poverty.
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In an interview with Channels TV, Wale Edun highlighted the efforts of President Bola Tinubu’s administration to rectify this imbalance that has persisted for around eight years.
He pointed to various economic reforms as crucial measures to address the issue, aiming to curb liquidity not tied to the production or supply of goods and services.
Wale Edun stressed the importance of ensuring that the majority, not just a privileged few, benefit from these corrective measures. He emphasized that over the past eight years, funds were disproportionately allocated, with only 5% of the population having bank accounts exceeding half a million.
The minister underscored the significance of redirecting government revenue to benefit a broader spectrum of the population.
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In conclusion, the Minister of Finance highlighted the major microeconomic reforms initiated by President Bola Tinubu’s administration to correct the wealth imbalance and ensure a more equitable distribution of resources.
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