₦airaland Forum

The number of Nigerians earning over ₦500,000 per month has dropped dramatically, declining by 57% between 2023 and 2024, according to data from the PiggyVest Savings report.

In 2023, 14% of respondents disclosed earnings above ₦500,000, but this dropped to just 6% in 2024. This decline may reflect the relocation of high earners — identified as a top savings goal in the 2023 report — or job losses, as the number of respondents earning below ₦100,000 or reporting no income also increased.

Women are more likely to earn lower wages, with 59% of women earning below ₦250,000 compared to 49% of men. Interestingly, the number of Nigerians with one stream of income rose from 61% in 2023 to 71% in 2024.

Food and groceries account for the biggest personal expenses, followed by transport, bills, and utilities. Food inflation has been rising over the last year and now stands at 37.7%. This increase is reflected in the responses from respondents as food and transportation costs account for the biggest increases.



Fewer Nigerians are saving
A worrying data point in the report is the decline in savings, with 57% of Nigerians saving for the proverbial rainy day compared to 64% in 2023. The decline can be attributed to higher costs of living, which would naturally make individuals save less.

Building emergency funds, starting or growing a business, and upkeep for children are the top three savings goals in 2024. Emigration, aka japa which was a top three savings goal in 2023, drops to eight, with only 10% of respondents saving towards it.

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Although emergency funds remain the top savings goal, 33% of Nigerians reported having no emergency savings between 2023 and 2024. When asked about the reasons, 72% cited inflation, while 32% attributed it to changes in income or economic status.

With access to credit remaining elusive for most Nigerians, 45% of respondents report borrowing money from friends and family. Banks and loan apps constitute 19% and 15%, respectively. However, 79% of Nigerians report not being in debt, likely reflecting the average Nigerian's aversion to credit.


https://techpoint.africa/2024/10/31/nigerians-earning-more-than-500k-falls/

On Kpiiii my bended prick, the very first of its name, I swear that,

If more research is done, it'll be discovered that here, purchasing power, earning and its potentials, have all agreed to continue in decline.

Gh

APC till 2500 lets continue

🧐🤔

Chai


Less than 300 dollars


Even those earning say 500k will have to save all their money for 3 to 5 good years to be able to buy a foreign 'fairly' used old vehicle of at least 12 years old

mrvitalis:
APC till 2500 lets continue

Tell Peter Obi to join APC so he can win presidential election maybe by 2039 when it's the turn of the South again. That's the only way he can win

Acekidc4:
Tell Peter Obi to join APC so he can win presidential election maybe by 2039 when it's the turn of the South again. That's the only way he can win

Peter obi does not have to rule the country


Your like too does not have to know what good governance and Prosperity tastes like..

Acekidc4:
Tell Peter Obi to join APC so he can win presidential election maybe by 2039 when it's the turn of the South again. That's the only way he can win

So you want Obi to be President? Lmaooo no thanks

Obi is here for history purposes to prove you all had better alternative

Trust me by 2039 our GDP would be less than 100 billion dollars and we would be poorer than Niger and Chad... That's when you want an Igbo man to come fix things? ... No thanks

We have been living fake lives, according to APC urchins And they want to reduce inflation to 15%, when almost 2/3 of people have become poorer by loosing their incomes. If you know paltry salaries people receive, that can't pay transportation and food.

mightyhaze:
Peter obi does not have to rule the country


Your like too does not have to know what good governance and Prosperity tastes like..

I definitely know what good governance and Prosperity taste like😊 Trust me i know💯

Wait let APC minions invade this thread and claim to have increased employment rate during the last 2 tenures

Imagine creating 5 million jobs that pay a paltry 50k a month and calling it an achievement (shhhh 🤫 we already know they are phantom jobs )

Acekidc4:
I definitely know what good governance and Prosperity taste like😊 Trust me i know💯

I doubt you know...


Because if u do you would be mad at yourself

And not cracking silly jokes

mightyhaze:
I doubt you know...


Because if u do you would be mad at yourself

And not cracking silly jokes

Mad at myself for what exactly🤔🧐

This is really bad for the economy

Acekidc4:
Mad at myself for what exactly🤔🧐

For playing with lizards while your family house burns

Acekidc4:
Tell Peter Obi to join APC so he can win presidential election maybe by 2039 when it's the turn of the South again. That's the only way he can win

No
I rather you continue watching Nigeria burn as you keep "doing" the Igbos
Some Nigerians willingly signed up for personal suffrage as long as power doesn't go to an igbo man

God answered those prayers 🙏 🙌🏽


😂🤣

It is well

mightyhaze:
For playing with lizards while your family house burns

some of his family members don hang sef .
The remaining on skullarship are still looking for a better life