Saraki attributed the source of his wealth of hard work and the opportunity of being born into a blessed family.
He stated this in an interview with BBC Hausa service.
On his ongoing trial on alleged corruption and false declaration of assets, the Senate President expressed confidence that he would be cleared of the charges against him.
Saraki also denied allegations that he owns secret offshore companies as highlighted in the controversial Panama Papers, some documents which revealed the secretive offshore companies of influential people around the world used to hide their wealth.
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His wife, Toyin Saraki, was also fingered in the documents. She allegedly registered a company offshore to buy a London property.
The Senate President said: "Based on legal advice the company was set up because they were acquiring an asset and it was advised at that time and that’s how it was set up to the best of our knowledge. It was not a company that was set up by ourselves; it was set up by a legal firm and under a legal firm as far as to the best of our knowledge no law was being broken."
At the resumed hearing to Saraki's trial in May,he had revealed the cash deposits in his various bank accounts before he became the Kwara State governor in 2003.
He said he had $22 million, about £12 million, 2.6 million Euro and about N4 billion in cash in his various accounts.
Aside the liquid asset, Saraki said he also possessed landed property estimated at N2 billion and 15 vehicles valued at about N263.4 million.