Data from the Piggyvest Savings Report 2025 show that three in five Nigerians earn less than N100,000 monthly or have no income.
According to the report, nearly 60 per cent either have no income or fall within the lowest income brackets.
Piggyvest said only 6 per cent 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 fintech said in the report.
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.
The report further showed that most Nigerians rely on a single source of income, leaving households vulnerable to shocks.
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”.
On debt, the firm reported that while only about one in five Nigerians is currently in debt, borrowing is largely driven by necessity rather than consumption.
The report also found that most borrowers rely on informal sources such as friends and family, reflecting limited access to formal credit.
Despite the financial pressures, the report noted that Nigerians continue to demonstrate resilience, adapting through budgeting, side hustles, and informal support systems.
However, the firm warned that financial satisfaction remains low, with more than half of Nigerians entering each month unsure whether their income will cover basic needs.
The report said Nigerians are adjusting their spending, relying on informal support systems, and trying to build financial buffers, but within tight constraints driven by low incomes and rising costs.
It added that improving financial resilience will require not just economic reforms, but systems that support savings and stability, noting that “financial progress is not measured only by numbers, but by confidence”.
Reacting to the report, 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.
