30% of Nigerians Earn Below N100,000 Monthly, PiggyVest Report Reveals
A new report by PiggyVest has revealed that thirty per cent of Nigerians earned less than N100,000 monthly in 2025, making it the largest income band in the country. Released yesterday, the report provides a detailed snapshot of household finances as Nigeria continues to navigate sweeping economic reforms.
Economic Reforms Fail to Reach Most Households
Nigeria's ongoing economic reforms may be yielding signs of macroeconomic stabilisation, but the benefits have yet to reach most households. Only six per cent of Nigerians reported feeling financially secure, according to the findings.
At the same time, twenty-eight per cent of Nigerians reported earning no income, up sharply from twenty per cent in 2023 and unchanged from 2024. This suggests a persistent segment of economic inactivity in the population.
Modest Income Growth at Upper End
While lower-income brackets struggle, there are signs of modest income growth at the upper end. About forty-two per cent of Nigerians now earn above N100,000 monthly, with those earning N1 million or more rising to five per cent in 2025—the strongest improvement across income brackets.
Middle-income segments also show signs of recovery. The share of Nigerians earning between N100,000 and N250,000 fell from twenty-five per cent in 2023 to twenty-one per cent in 2024 but rebounded to twenty-four per cent in 2025.
Similarly, those earning between N250,000 and N499,999 dropped from fifteen per cent in 2023 to eight per cent in 2024, before climbing back to ten per cent this year.
Widespread Financial Strain and Low Savings
The report, based on responses from more than twenty-six thousand individuals across urban and rural areas, paints a stark picture of persistent financial strain. Rising living costs, weak income growth, and limited savings continue to define the economic reality for millions of Nigerians.
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.
Key Concern: Lack of Financial Buffers
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 ten 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, further exacerbating the financial insecurity faced by many households.
