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Three in five Nigerians earn below N100,000 monthly or have no income, according to the Piggyvest Savings Report 2025.
This underscores widening income pressures as rising living costs continue to squeeze households.
In the report, seen by TheCable on Wednesday, Piggyvest said nearly 60 percent either have no income or fall within the lowest income brackets.
The fintech said only 6 percent of Nigerians feel secure and confident about their financial situation, highlighting a widening gap between economic reforms and lived realities.
“On paper, the economy is stabilising… On the ground, however, the strain hasn’t let up,” the report said.
“Across income, savings, spending, debt, and financial satisfaction, a consistent pattern emerges: Nigerians are adapting with resilience, but within increasingly narrow margins.
“In 2025, nearly 3 in 5 Nigerians report either having no monthly income or earning below N100,000 monthly, After a significant decline in 2024.”
The report said income growth in nominal terms has not translated into improved purchasing power, as inflation continues to erode earnings.
Commenting on the findings, Odun Eweniyi, co-founder and chief operating officer (COO) of Piggyvest, said the rise in earnings does not reflect real financial improvement.
“While nominal earnings have increased, the naira has lost a lot of its value in the last two years. Inflation peaked above 33% in 2024. So people are earning more and affording less,” she said.
The report further noted that income distribution remains uneven, with younger Nigerians, particularly Gen Z, more likely to earn below N100,000 or have no income at all, while higher earnings are concentrated among older demographics.
It also highlighted gender disparities, with women more likely to fall within lower income bands.
In the report, Dsione Oseni-Elamah, a financial analyst, said wage inequality has broader economic implications.
“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 overall economic inefficiency,” she said.
The report further showed that most Nigerians rely on a single source of income, leaving households vulnerable to shocks.
“Roughly two-thirds of Nigerians rely on a single income source,” Piggyvest said.
“Many who depend on a single income describe feeling squeezed by rising prices and increasingly unstable living costs.”
On spending patterns, the report said food and groceries remain the biggest expense for most Nigerians, followed by transportation, housing, and utilities.
The fintech noted that more than half of income earners provide financial support to extended family members, a phenomenon often described as “black tax”.
“Family responsibility continues to be a defining feature of the financial landscape,” the report noted.
“Savings culture also appears to be weakening, with about one in two Nigerians not saving at all, while only four in 10 have emergency funds.”
Eweniyi said the trend reflects deeper economic pressures.
“What we’re seeing at scale is that even people with the discipline and intent to save are being forced to redirect those funds toward the basics,” she said.
“These aren’t discretionary expenses you can cut.”
Among those who save, the report said the primary goal is building emergency funds, underscoring widespread financial uncertainty.
NIGERIANS RELYING ON FAMILY SUPPORT, INFORMAL DEBT AMID LIMITED ACCESS TO FORMAL CREDIT
On debt, the firm reported that while only about one in five Nigerians is currently in debt, borrowing is largely driven by necessity rather than consumption.
Damilola Arogundade, treasury and investments lead at Piggyvest, said low and irregular incomes shape financial behaviour.
“For many Nigerians, financial decisions are driven by immediacy rather than long-term planning,” he said.
This, he explained, results in “rational short-termism”, where basic needs crowd out savings and investments.
The report also found that most borrowers rely on informal sources such as friends and family, reflecting limited access to formal credit.
On debt, Joshua Chibueze, co-founder at Piggyvest, said borrowing is often triggered by timing gaps between income and expenses.
“Income tends to come slowly and in small portions, but major expenses arrive all at once,” he said.
“When rent becomes due, when a business needs urgent capital, many Nigerians turn to borrowing not out of choice, but because there’s simply no room to wait.”
Despite the financial pressures, the report noted that Nigerians continue to demonstrate resilience, adapting through budgeting, side hustles, and informal support systems.
However, the firm warned that financial satisfaction remains low, with more than half of Nigerians entering each month unsure whether their income will cover basic needs.
“Financial satisfaction emerges not only from income, but also from stability, predictability, and the ability to absorb shocks,” the report said.
“Most respondents are navigating a persistent tension between doing their best within tight margins and feeling uncertain about the future.”
The report said Nigerians are adjusting their spending, relying on informal support systems, and trying to build financial buffers, but within tight constraints driven by low incomes and rising costs.
It added that improving financial resilience will require not just economic reforms, but systems that support savings and stability, noting that “financial progress is not measured only by numbers, but by confidence”.
