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FG: Only 5% of Nigerians have above N500k in bank accounts, blames last admin for unequal wealth distribution

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By Kayode Sanni-Arewa

Nigeria’s Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, said wealth in the last administration was unequally distributed, saying only the elite benefited from the administration.

Edun, while appearing on Channels TV, said the federal government’s policies were geared towards correcting wealth inequality, where the elite were prioritised over the majority of Nigerians.

Wealth inequality, or wealth gap, measures wealth distribution in a country. It is the difference between the richest and the poorest in a country or location.

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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.

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“So, government revenue that was outside the federal government consolidated revenue funds has been brought back to the government funds,” Edun said.

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Just in: FG begins recruitment into Federal Civil Service

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The Federal Government has begun hiring for various positions within the Federal Civil Service.

The Federal Civil Service Commission (FCSC) announced on January 26, 2025, that Nigerians interested in these roles can apply through the commission’s official website.

Applicants are required to submit their applications for only one position.

Those applying should upload several documents, including their CV, academic certificates, NYSC certificate, birth certificate, and passport photo.

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People with disabilities should also mention the nature of their condition in their applications.

The application portal is open until March 10, 2025, for interested candidates.

The statement read:

“The Federal Civil Service Commission (FCSC) is receiving applications for various vacancies in the Federal Civil Service.

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“The vacancy announcement is published on the Commission’s website: www.fedcivilservice.gov.ng and in the Sun, Daily Trust and The Nation newspaper of Monday 27th January 2025.

“Eligible applicants are to apply for only one position via the application link: https://recruitment.fedcivilservice.gov.ng.

“Applicants who are physically challenged should state the nature of their disability.

“Applicants are to upload the following documents as applicable:

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i. Curriculum Vitae

ii. Ph.D/Master’s Degree Certificate

iii. Degree/HND/NCE Certificate

iv. WAEC/NECO/NABTEB Certificate

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v. Primary School Certificate

vi. NYSC discharge/exemption/exclusion certificate

vii. Birth Certificate/Declaration of Age

viii. Local Government Identification

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ix. Recent Passport photograph

“All applications are to be submitted on or before Monday, 10th March, 2025.

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Just in: Ex-President Buhari opens up on his health status

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Ex-President Muhammadu Buhari has opened up about his health since leaving office on May 29, 2023.

Buhari confirmed that his health is better now since he left office in 2023.

While in office as President, Buhari was plagued by illness which led to him being flown abroad for medical attention.

He handed over to Bola Tinubu after serving his two terms as President.

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Speaking at an All Progressives Congress, APC, stakeholders’ meeting at the Katsina State Government House, Buhari suggested that the complexities of being the President of Nigeria affected his health.

“Those outside the corridors of power do not understand the complexities and difficulties facing Nigeria.

“My health has improved since leaving office. People who visited me told me I look better than before.”

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Igbo-Eze North/Udenu Fed Constituency Communities rejoice as Rep Agbo attracts 21 class rooms, ICT Halls+Photos

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Community and educational leaders in Amalla, Udenu local government area and other communities in Igbo-Eze North council area have made accolades on their House of Representatives member, Rt. Hon Dennis Nnamdi AGBO, for attracting and completing the construction and reconstructions of various classroom blocks in their secondary schools.

Commissioning the facilities by the Governor of Enugu state who was represented by the state Commission for Education, Prof. Ndubueze Mbah, different community leaders and school Principals paid tributes to both Governor Peter Mbah and Rep Agbo for their giant strides in the provision of educational infrastructure such as the state government’s ongoing constriction of 260 Smart Schools across the state, and Rep Agbo’s continued provision of educational facilities in Igbo-Eze North/ Udenu Federal constituency.

The facilities included a seven-classroom block with two offices at Umuegali Amalla in Udenu LGA, six-classroom block at Community Secondary School Imufu; four-classroom block at Comprehensive Secondary School Ekposhi, an Examination Hall and ICT building at Community High School Uda.

Expressing appreciations to Rep Agbo for attracting the projects, community leaders such as Prince Emeka Eze of Amalla in Udenu LGA; Chief Abel Idoko of Ekposhi Enugu-Ezike, HRH Igwe Remigus Attah of Imufu and Ichie Peter Ugwuja of Udah in Igbo-Eze North LGA, described Agbo as a good representative with integrity and track record of excellence.

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They also made accolades on Governor Peter Mbah who Chief Idoko said his governance has been characterized by “business unusual and disruptive innovations in all sectors.” Ichie Ugwuja recalled that Rep Dennis AGBO had earlier remodeled college buildings, the old dormitory and laboratory blocks in Udah Community High School, in addition to other community development projects.

Rep Agbo in his different speeches gave commendation to Governor Peter Mbah, stating that the governor is a worthy partner whose hard work propels him to seek budgetary provisions for his constituency and the state – “the Governor is working, so we work”.

Agbo said, “We’re taking after the Governor. Education is the enabling factor for the future because if you educate a child, you empower him. All we are doing is to contribute our own quota to elevate that initiative, bringing resources from the center, from the federal government, which is where we operate, to support what the Governor is doing.

“Education is the key in human capital development. Imagine a remodeled secondary School in Udah, and a Smart School next door, the confidence it will engineer in children in the next five years is unimaginable. I thank my constituents who are wonderful people. They support me and I’m working hard for them.”

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The Governor’s representative and the state Commissioner for Education, Prof Ndubueze Mbah said that there is a democratic synergy between the state government’s effective governance and effective representation by the House of Representative member.

“The people who are enjoying these democratic endeavors are the people that Honourable represents and the citizens of Enugu state in general, who are led by our Governor. It has been a richly rewarding experience and I’ll provide the governor a full brief on my excursion here,” Prof Mbah said.

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