‘Nigerians borrow to survive as 30% earn below N100,000’ – Report

Thirty per cent of Nigerians earned less than N100,000 monthly in 2025, making it the largest income band in the country, according to a new report by PiggyVest.

Released yesterday, the report offers a snapshot of household finances as Nigeria continues to navigate sweeping economic reforms.

Nigeria’s ongoing economic reforms may be yielding signs of macroeconomic stabilisation, but the benefits have yet to reach most households, with only six per cent of Nigerians reporting that they feel financially secure.

At the same time, 28 per cent of Nigerians report earning no income, up sharply from 20 per cent in 2023 and unchanged from 2024.

While this suggests a persistent segment of economic inactivity, there are signs of modest income growth at the upper end.

About 42 per cent of Nigerians now earn above N100,000 monthly, with those earning N1 million or more rising to 5 Per cent in 2025 — the strongest improvement across income brackets.

Middle-income segments also show signs of recovery.

The share of Nigerians earning between per cent100,000 and N250,000 fell from 25 per cent in 2023 to 21 per cent in 2024 but rebounded to 24 per cent in 2025.

Similarly, those earning between per cent250,000 and N499,999 dropped from 15 per cent in 2023 to 8 per cent in 2024, before climbing back to 10 per cent this year.

The report, based on responses from more than 26,000 individuals across urban and rural areas, paints a stark picture of persistent financial strain, as rising living costs, weak income growth and limited savings continue to define the economic reality for millions.

Despite official indications of moderating inflation and policy adjustments aimed at stabilising the economy, the findings show that household-level pressures remain widespread.

More than half of Nigerians surveyed said they begin each month uncertain whether their income will be sufficient to cover basic expenses, underscoring the fragile nature of personal finances across the country.

A key concern highlighted in the report is the low level of savings. About one in two Nigerians said they do not save at all, while only four in 10 reported having any form of emergency fund.

This lack of financial buffers leaves a significant portion of the population vulnerable to economic shocks, including unexpected expenses or income disruptions.