42% Rise in Nigerians Earning Below N100k Monthly, Says Report

A new report by PiggyVest has revealed a stark rise in the number of Nigerians earning below N100,000 monthly, with figures jumping by 42% in just one year.

The 2024 Savings Report shows that approximately 37% of Nigerians are now in this low-income bracket, up from 26% in 2023, signaling a deepening financial crisis for many workers in the country.

The report highlights that more than one-third of employed Nigerians are struggling to make ends meet, often relying on loans or family support.

As inflation continues to erode the value of the naira, these individuals are finding it increasingly difficult to afford basic necessities such as housing and food.

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According to the report, “Our survey suggests that more than one in three Nigerians earn below N100,000 monthly, making it the income bracket with the highest number of Nigerians.”

The research emphasises the impact of inflation, which has significantly reduced purchasing power, further aggravating financial hardships.

In addition to low wages, the survey indicates a worrying rise in unemployment, with those reporting no income climbing from 20% in 2023 to 28% in 2024.

This increase points to a surge in joblessness, adding to the economic strain faced by millions.

The report also revealed a gender disparity, with more women (59%) than men (49%) falling into lower-income categories, particularly those earning less than N250,000. Conversely, men outnumber women in the higher-income brackets.

As more Nigerians slip into poverty, experts warn that urgent policy interventions are needed to address the root causes of economic inequality, including inflation and unemployment.