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*Says Only 5% Of Nigerians Have More Than N500,000 In Their Bank Accounts
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has put the blame of unequal wealth distribution among Nigerians at the door step of the immediate past administration of former President Muhammadu Buhari.
According to him, only the elite benefited from the administration.
Speaking on Channels TV, the Minister also said that the Federal Government’s policies under President Bola Tinubu are now aimed at correcting the wealth inequality in the country.
The minister said: “Wealth inequality is similar to income inequality, although it also includes the value of bank accounts, stocks and investments, homes, and personal possessions.
"It’s a major determinant of an unequal standard of living.
“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 enjoys.
“That is the major correction being made by Mr. President now. That is the major microeconomic reform that has been put in place.
“So, government revenue that was outside the federal government consolidated revenue funds has been brought back to the government funds,” he stated