A recent report by Piggyvest has revealed that nearly six in ten Nigerians earn less than N100,000 a month or have no income at all, highlighting widening income inequality and the growing financial pressures facing households across the country.
The Piggyvest Savings Report 2025, obtained by PLATFORM TIMES, shows that only 6 percent of Nigerians feel financially secure, reflecting a stark disconnect between government economic reforms and the realities on the ground.
“On paper, the economy is stabilising… On the ground, however, the strain hasn’t let up,” the report noted.
“Across income, savings, spending, debt, and financial satisfaction, Nigerians are adapting with resilience, but within increasingly narrow margins.”
The report further noted that income growth in nominal terms has not improved purchasing power, as inflation, which peaked above 33 percent in 2024, continues to erode earnings.
Odun Eweniyi, co-founder and COO of Piggyvest, said: “While nominal earnings have increased, the naira has lost significant value over the last two years. People are earning more and affording less.”
Youth, Women, and Single-Income Households Most Vulnerable
The report highlighted that younger Nigerians, particularly Gen Z, are more likely to earn below N100,000 or have no income, while higher earnings remain concentrated among older demographics. Gender disparities are also evident, with women disproportionately falling into lower income brackets.
Financial analyst Dsione Oseni-Elamah warned that wage inequality carries broader economic consequences.
“If formal structures continue to undervalue female labour, women will remain relegated to domestic or informal roles where skills are underutilised.
This results in massive human capital loss and economic inefficiency,” she said.
Piggyvest also reported that most Nigerians rely on a single source of income, making households highly vulnerable to shocks.
“Roughly two-thirds of Nigerians depend on a single income, with many feeling squeezed by rising prices and unstable living costs,” the report stated.
The report revealed that food and groceries remain the largest expense for most Nigerians, followed by transportation, housing, and utilities.
More than half of income earners provide financial support to extended family members, a phenomenon often described as “black tax.”
Savings culture is also weakening: about 50 percent of Nigerians do not save at all, while only four in ten maintain emergency funds. Eweniyi said this trend reflects deep economic pressures:
“Even disciplined savers are forced to redirect funds toward basic necessities. These aren’t discretionary expenses you can cut.”
On debt, Piggyvest found that only one in five Nigerians currently owes money, and borrowing is largely driven by necessity rather than consumption. Joshua Chibueze, co-founder of
Piggyvest, explained: “Income tends to come slowly and in small portions, but major expenses arrive all at once. Many Nigerians borrow not out of choice, but because there’s simply no room to wait.”
Despite these challenges, Nigerians continue to demonstrate resilience, using budgeting, side hustles, and informal support systems to navigate tight financial margins.
However, the report warns that financial satisfaction remains low, with more than half of Nigerians entering each month unsure whether their income will cover basic needs.
“Financial progress is not measured only by numbers, but by confidence,” the report concluded. “Improving financial resilience will require economic reforms that support savings, stability, and predictability.”
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