2024 Savings Report by PiggyVest has revealed that approximately 37 per cent of employed Nigerians are earning less than N100,000 per month.
The recent report marks a significant increase from 26 per cent recorded in 2023.
This sharp rise represents a 42 per cent increase year-over-year, highlighting growing economic pressures.
The survey noted a troubling shift in income distribution, with a notable rise in the number of Nigerians reporting no income or earnings below the N100,000 threshold.
Currently, over one-third of Nigerians fall into this low-income category, while the number of individuals in higher earnings brackets has decreased.
The report stated, “Nigerians earning N100,000 or less monthly are classified as low-income earners.
“Many struggle to cover essential expenses such as housing and supporting dependents, often resorting to loan apps or assistance from family.
“The impact of rising inflation has eroded the naira’s purchasing power, worsening financial challenges.”
The data also indicated a significant increase in the proportion of Nigerians with no income, climbing from 20 per cent in 2023 to 28 per cent in 2024, signifying a surge in unemployment.
A gender analysis in the report shows that more women are affected, with 59 per cent of women versus 49 per cent of men earning below N250,000 monthly.
On the other hand, men dominate the higher-income brackets, illustrating the persistent gender disparity in earnings.
These findings reflected the economic hardships many Nigerians are facing amidst inflation which underline the urgent need for economic reforms to support low-income earners and tackle rising unemployment.
