37% of Nigerians earn below N100,000- Report 

Thirty-seven percent of working Nigerians earn below N100,000 monthly in 2024, a new report has shown. This is a nine percent increase from the 26 percent recorded in 2023.

The PiggyVest 2024 Savings Report shows a notable increase in individuals reporting no income or earnings below N100,000. It showed that more than one in three Nigerians earn below N100,000, revealing a marked decline in those within higher income categories.

“Our survey suggests that more than one in three Nigerians earn below A100,000 monthly, making it the income bracket with the highest number of Nigerians.”

According to the piggyvest report, “This aligns with the recent World Bank report, which shows that between 2023 and 2024, 14 million more Nigerians slipped into poverty in 2024.”

The report showed the number of individuals with ‘No Income’ increased from 20 percent in 2023 to 28 percent in 2024. “These numbers point to a worrying increase in unemployment.

“Our survey reveals an interesting trend when the data is analysed by gender. Women edge ahead of men in the lower income categories (below N250,000), with about 59% of women earning below N250,000, compared to 49% of men. However, in higher income categories, men outnumber women.”

The report also showed that compared to 2023, the number of Nigerians who reported earning above N500,000 dropped from 14 percent to 6 percent.

“In the area of spending, almost 90% of respondents reported an increase in general expenses, with respondents citing significant increases in transportation and utilities. Food holds its position as the primary expense for most Nigerian households. 83% of respondents named food as their major expense

“Even more interesting is the data on savings. 21% of respondents say they are in some form of debt, usually to family members and friends, and 10% say they started funding an emergency savings account last year.”

PiggyVest reported that 21 percent of Nigerians earn between N100,000 and N249,000, eight percent earn between N250,000 and N499,000, four percent earn between N500,000 and N999,000, and only two percent earn over N2 million monthly.