Finance

Only about 5% of Nigerians have over N500,000 in their bank accounts – Finance Minister

Published

3 months ago

February 25, 2024

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Only about 5% of Nigerians have over N500,000 in their bank accounts – Finance Minister

The Finance Minister, Wale Edun, has stated that approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts.

Edun, revealed this in an interview with Channels TV, saying the federal government’s reforms will rectify the economic imbalances that disproportionately favour a small group of elites in the last eight years over the majority of citizens.

He further remarked that the aim of microeconomic reforms is to ensure government revenue is directed into the government’s treasury.

“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.

He added that president Tinubu is working to ameliorate the poverty of the masses as well as the high cost of living by providing a palliative package of N25,000 to N15 million households 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.”

Only about 5% of Nigerians have over N500,000 in their bank accounts – Finance Minister

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Finance

World Bank president announces intention to step down

Published

1 year ago

February 16, 2023

Admin

World Bank president announces intention to step down

The World Bank Group President, David Malpass has announced his intention to step down from his position by the end of the Bank Group’s fiscal year on June 30.

This is contained in a statement obtained from the World Bank website on Thursday in Abuja by newsmen.

According to the statement, Malpass, who has served more than four years as the bank’s president, made his intentions known to the Board of Executive Directors.

The statement said that during Malpass’s tenure, he focused on seeking stronger policies to increase economic growth, alleviate poverty, improve living standards and reduce government debt burdens.

It said in the last four years, the bank five institutions (IBRD, IDA, IFC, MIGA, and ICSID) responded quickly to global crises.

“They did this by mobilising a record 440 billion dollars in response to the COVID-19 pandemic, war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, climate change, food, fertiliser and energy shortages.’’

The statement quoted Malpass as saying, “it has been an enormous honour and privilege to serve as president of the world’s premier development institution alongside so many talented and exceptional people.

“With developing countries facing an unprecedented crisis, I am proud that the Bank Group has responded with speed, scale, innovation, and impact. The last four years have been some of the most meaningful of my career.

“Having made much progress, and after a good deal of thought, I have decided to pursue new challenges.

“I want to thank our staff and Boards of Directors for the privilege of working with them every day to strengthen the effectiveness of our operations in the most challenging of times.”

The statement said that with developing countries under severe financial pressure, Malpass met frequently with world leaders to discuss supportive policies, including debt reduction to break the cycles of unsustainable debt.

It said under his leadership, the bank group more than doubled its climate finance to developing countries, reaching a record 32 billion dollars in 2022.

The statement said Malpass led efforts to enable and increase private sector investment and trade.

According the statement, Malpass also contributed purposeful leadership to the bank group’s analytical products on fiscal and monetary policy, currency systems, and governance reform.

The statement quoted Malpass as saying, “the Bank Group is fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crises.

“This is an opportunity for a smooth leadership transition as the bank group works to meet increasing global challenges, and facilitate private investment,

“It is also to sharpen its focus on global public goods, and maintain strong momentum on operational delivery and portfolio performance for client countries.”

The statement listed the accomplishments of the bank during Malpass to include: “implementing record surges in the financing of over 157 billion dollars in response to the COVID-19 pandemic and 170 billion dollars in response to the war in Ukraine’’.

It said the bank also inaugurated the Bank Group’s Climate Change Action Plan to better integrate climate and biodiversity with development and growth.

“The bank made 30 billion dollars available in projects to address the food, fertilizer, and fuel crisis facing developing countries.

The statement said one of Malpass’s key initiatives was to promote debt transparency and sustainability, which was key to rebuilding investment and growth.

“Under Malpass’s leadership, the bank group inaugurated the 2023 Global Sovereign Debt Roundtable process with the IMF to strengthen the debt restructuring process.

The statement said another key priority of Malpass was to strengthen the effectiveness of the bank group management.

It said he did this by prioritising transparency of internal and external activities including through detailed financial and climate disclosures.

The statement said he implemented an important realignment of World Bank operations to deepen collaboration and better integrate the Global Practices and Regional Operating units.

“He partnered with the presidents of six Historically Black Colleges and Universities (HBCUs) to promote the sharing of knowledge and talent among the institutions and developing countries.

“He also initiated the Sexual Harassment Working Group, Anti-Racism Task Force, and Task Force on Workplace Culture to help build a better, more cohesive, collaborative, and responsive working environment.’’

According to the statement, he also navigated multiple threats to staff security, including staff evacuations from Afghanistan, Myanmar, Sudan, and Ukraine, and following coup d’états across the Sahel.

World Bank president announces intention to step down