Nigeria: Three in Five Nigerians Earn Below N100,000 or Have No Income – Report
Three in five Nigerians earn below N100,000 monthly or have no income, underscoring a widening income pressure as Nigerian households grapple with rising living costs.
The figure was contained in the PiggyVest Savings Report 2025, a survey of over 26,000 Nigerians across all six geopolitical zones conducted between August and September 2025.
In the report, Piggyvest said nearly 60 percent either have no income or fall within the lowest income brackets.
According to the fintech, 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.
“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.
The report said income growth in nominal terms has not translated into improved purchasing power, as inflation continues to erode earnings.
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.
Co-founder and Chief Operating Officer (COO) of Piggyvest, Odun Eweniyi, 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 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.
By Daily Trust.
