Nigeria Announces Economic Reforms to Support Livelihoods of Average Citizens

Only about 5% of Nigerians have over 500,000 naira ($1,100) in their bank accounts, according to Finance Minister Wale Edun
The government is implementing reforms to correct economic imbalances that have favored a small elite group over the majority of citizens
The reforms aim to address excess liquidity not connected to production or supply of goods and services
The government plans to provide cash transfers and business grants to support livelihoods of average Nigerians
The measures aim to mitigate high costs of living and poverty as inflation reached 29.9% in January