The Piggyvest Savings Report 2025 has revealed a deepening cost-of-living crisis in Nigeria, with nearly 60 percent of the population either earning below ₦100,000 monthly or living with no income at all.
A sobering new study by fintech giant Piggyvest has revealed that nearly 60 percent of Nigerians—approximately three in every five people—either have no monthly income or earn less than ₦100,000. The Piggyvest Savings Report 2025, seen by TheCable on Wednesday, March 25, 2026, underscores the devastating impact of persistent inflation and the widening gap between official economic data and the lived realities of citizens. According to the report, the number of people falling into these lowest income brackets has seen a marked increase, suggesting that recent economic reforms have yet to provide a safety net for the country’s most vulnerable populations.
The report paints a grim picture of national financial health, noting that a mere 6 percent of Nigerians feel secure and confident about their current financial situation. Piggyvest observed that while nominal wages may have seen slight adjustments, they have been completely neutralized by the skyrocketing cost of essential goods and services. “On paper, the economy is stabilising… On the ground, however, the strain hasn’t let up,” the report stated, adding that “Across income, savings, spending, debt, and financial satisfaction, a consistent pattern emerges: Nigerians are adapting with resilience, but within increasingly narrow margins.”
The data further suggests that the financial middle class is shrinking as more households are pushed toward debt to cover basic survival costs. The report highlights that the income decline has been particularly sharp following the economic volatility of 2024, leaving many with little to no room for personal savings or investment. “In 2025, nearly 3 in 5 Nigerians report either having no monthly income or earning below N100,000 monthly, after a significant decline in 2024,” the report concluded. This financial squeeze is expected to place further pressure on the government to implement more direct social intervention programs as inflation continues to erode the value of the Naira.
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