BY 2015, 56.5% NIGERIANS EARNED N18,000 OR LESS.

By 2015, 56.5% of Nigerians earned the national minimum wage of N18,000 per month or less, according to survey findings released by the Central Bank of Nigeria this week.
The survey was conducted in 2015 with support from the Bureau of National Statistics; Enhancing Financial Innovation and Access (EFinA); and Marketwarx Africa as part of efforts to provide base data and information for actions to increase Nigeria's financial inclusion to 80% from 53.7% by 2020.
According to one of the numerous survey findings, the majority of Nigerians earn N18,000 or less monthly with the bulk or 45.2% actually earned N12,000 and below monthly.
Besides, about 4.2% of Nigerians had no income at all with the distribution of this being fairly the same between urban and rural dwellers but made up more of female than male.
However, not less than 81.1% of rural dwellers earn only N18,000 or less monthly while only 42.1% of urban dwellers fall into this category.
It is when the income bar is raised to N24,000 monthly that 52.6% or majority of urban dwellers fall in line.
The disparity between female and male income also becomes glaring as cut off point for majority monthly income differ. From the survey figures, 50.9% of female Nigerians earn N12000 or less while for men, the majority or 57.7% fall into the N24000 or less monthly income.
Those Nigerians who earn above N200,000 monthly from the report form the truly elite 0.4% upper income bracket in Nigeria. Those who earn between N100001 and N200000 come to 1.2% while 4.2% earn between N40001 and N60000 monthly.
However about 11% of the survey respondents were not certain of their monthly income while 3% did not answer the income question.
According to the CBN, the survey was conducted in 2015 across randomly selected enumeration areas (EAs) in each of the 36 state and Abuja, the Federal Capital Territory.
In all 13320 responses were harvested from randomly selected respondents per household also randomly selected and the questionnaire was administered on Nigerians of 16 years and above.
(For another finding of the survey see the  post on source of income of Nigerians.)

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