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Approximately 37 per cent of employed Nigerians are now earning less than N100,000 per month in 2024, representing a 42 per cent increase from the 26 per cent recorded last year, according to the PiggyVest 2024 Savings Report.
The report highlights a significant rise in those reporting no income or earnings below the N100,000 threshold.
The survey shows that over one-third of Nigerians now fall within this low-income bracket, while fewer individuals are in higher earnings categories.
“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,” it noted.
The report indicates that Nigerians earning N100,000 or less per month are classified as low-income earners.
Many in this group struggle to meet basic expenses such as housing and supporting dependents and frequently rely on loan apps or family assistance. Rising inflation has further weakened the purchasing power of the naira, exacerbating these financial difficulties.
“Nigerians earning N100,000 or less monthly fall into the low-income earners bracket. Many in this group struggle to afford essential items like housing and support for dependents and often rely on loan apps or family assistance to make ends meet.
“With high inflation drastically reducing the purchasing power of the naira, their financial challenges have only worsened,” the report stated.
The report also reveals a troubling increase in those with no income, rising from 20 per cent in 2023 to 28 per cent in 2024, signalling a surge in unemployment.
Gender analysis in the survey shows that more women than men fall within lower-income brackets (below N250,000), with 59 per cent of women compared to 49 per cent of men earning below this level. Conversely, in higher-income brackets, men outnumber women.
