A new financial report has revealed that a significant share of Nigerians are still earning low incomes, with nearly one in three individuals making less than ₦100,000 monthly in 2025. The findings highlight persistent economic challenges despite signs of improvement in some income brackets.
The report indicates that 30% of Nigerians fall into the lowest earning category, making it the largest income group in the country. At the same time, 28% of respondents reported having no income at all, reflecting ongoing economic inactivity and limited job opportunities.
Brandspur Banking News Desk reports that while there has been modest growth among higher earners, the overall financial wellbeing of households remains under pressure due to inflation and rising living costs.
Data from the study shows that 42% of Nigerians now earn above ₦100,000 monthly, with the number of people earning ₦1 million or more increasing to 5% in 2025 — the strongest improvement across all income tiers. Middle-income earners also recorded slight recovery after declines in previous years.
However, the increase in income has not translated into improved financial confidence. Many Nigerians surveyed expressed dissatisfaction with their financial situation, pointing to the impact of rising prices on purchasing power over the past three years.
The structure of income sources also presents a vulnerability. Most Nigerians rely on a single stream of income, leaving households exposed to economic shocks. Older Nigerians were more likely to have diversified income sources compared to younger generations.
Spending patterns continue to be dominated by basic needs. Food remains the largest household expense for the majority of respondents, followed by clothing, utilities, transportation, and home maintenance — all of which have become more expensive in recent years.
Savings behaviour has deteriorated sharply. The proportion of Nigerians who save regularly dropped from 64% in 2023 to 40% in 2025. Meanwhile, the share of people who do not save at all rose significantly, with many citing insufficient income as the primary reason.
Among those who still manage to save, emergency funds have become the top priority, reflecting growing financial uncertainty. Other common savings goals include childcare and funding for small business ventures, indicating both precautionary planning and entrepreneurial intentions.
The report also highlights low levels of formal borrowing across the country. A large majority of respondents said they had no outstanding debt, while those who borrowed tended to rely on informal sources such as friends, family, and cooperative societies.
Loan amounts were generally small, with most borrowers taking microloans under ₦100,000. Analysts say this pattern underscores limited access to formal credit systems as well as cautious borrowing behaviour amid economic instability.
Overall, the findings paint a picture of a population grappling with rising costs, fragile incomes, and shrinking savings, even as pockets of higher earnings begin to emerge in Nigeria’s evolving economic landscape.
Piggyvest Savings Report 2025 e-copy
