Financial analyst Kalu Aja has claimed that the vast majority of Nigerians have less than N500,000 saved in their bank accounts, highlighting the widening gap between economic indicators and everyday reality.
Aja made the comment while reacting to news that Nigerian Treasury Bills recently recorded subscriptions of N4.59 trillion — almost four times the amount initially offered by the Central Bank.
While some government supporters celebrated the strong investor demand, Aja argued that high yields should not be seen as good news. According to him, elevated interest rates often signal rising inflation and greater borrowing risks.
He explained that when government borrowing costs go up, small businesses and consumers also face higher lending rates, which slows economic growth.
Aja added that only wealthy investors with large sums of cash benefit from such returns, stressing that most Nigerians lack the financial capacity to take advantage of high-yield instruments.
Recent data also shows Nigeria’s public debt has climbed above N152 trillion, while the proposed 2026 budget carries a significant deficit, raising concerns about continued borrowing.
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