Report: Nearly 60% of Nigerians earn below N100,000 or have no income

Naira notes

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. Thecable