The Digest: Three in five Nigerians earn below N100,000 monthly or have no income, according to the Piggyvest Savings Report 2025, highlighting widening income pressures as living costs continue to squeeze households. The fintech firm reported that only 6 percent of Nigerians feel secure about their financial situation, and roughly two-thirds rely on a single income source, leaving them vulnerable to shocks. Food and groceries remain the biggest expense, followed by transportation, housing, and utilities. The report also noted that savings culture is weakening, with about one in two Nigerians not saving at all.
Key Points:
- Despite nominal earnings increases, inflation has eroded purchasing power, leaving Nigerians earning more but affording less.
- Younger Nigerians, particularly Gen Z, are more likely to earn below N100,000 or have no income, while women face greater wage disparities.
- More than half of income earners provide financial support to extended family members, a phenomenon often described as "black tax."
- Most borrowers rely on informal sources like friends and family, reflecting limited access to formal credit.
- Financial satisfaction remains low, with over half of Nigerians unsure whether their income will cover basic needs each month.
Sources: The Cable, Premium Times
