A financial analyst, Kalu Aja, said that 95 percent of Nigerians do not have up to N500,000 in their bank accounts.
He made this disclosure in a statement on X on Thursday.
His comment was in response to President Bola Tinubu’s Special Assistant on Social Media, Dada Olusegun’s claim on X that Nigerian Treasury Bills recently recorded a massive total subscription of N4.59 trillion.
“This figure represents an oversubscription of nearly four times the initial N1.15 trillion offered by the Central Bank of Nigeria,” Olusegun wrote.
Reacting, Aja explained that high yields in the debt market is not something to rejoice over because they are linked to higher inflation and issuer risk.
According to him, an economy needs lower rates to grow.
Aja noted that individuals who celebrate high yield are ‘the rich who can fix cash,’ but the majority of Nigerians are not.
He wrote, “High yields are not a flex; oh, you are essentially compensating for higher inflation and issuer risk.”
“High yields reflect higher borrowing costs to SMEs and are reflective of high government borrowings or sovereign risk.
“An economy that wants to expand needs lower rates.
“The folks who celebrate high yield are the rich who can fix cash, but 95 percent of Nigerians don’t have N500,000 in their accounts.”
DAILY POST that capital market data on Wednesday showed that T-bill subscriptions surged as investors ran after high yields.
In June 2025, Nigeria’s total public debt stood at N152.40 trillion or $99.66 billion, according to the Debt Management Office; however, it has been projected to rise amid recent borrowings by President Tinubu’s government.
The 2026 budget proposal of N58.18 trillion has a deficit of N23.85 trillion.
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