…Calls for immediate reversal
By Bimbola Oyesola
Trade Union Congress (TUC) has vowed to resist the Central Bank of Nigeria’s decision to increase automated teller machine (ATM) transaction fees, describing it as an attack on already struggling Nigerians.
This is even as it called on Nigerians to reject “this exploitative policy and demand its immediate reversal”, warning that “should the CBN proceed with this ill-advised decision, they will bear full responsibility for the consequences of their actions.”
The Congress in a statement by its President, Festus Osifo, and the Secretary General, Nuhu Toro, declared that Nigerians have had enough of policies that worsen economic hardship.
It noted that CBN claims the increase aligns with its 2020 guide on charges for banks and financial institutions.
But the Labour centre said, “This policy is yet another assault on the already struggling Nigerian people, and we say unequivocally: enough is enough!
The TUC president further criticised the federal government for failing to cushion the economic strain on citizens, citing rising taxes, electricity tariffs, and telecommunication costs.
“Every day brings a new burden; higher taxes, rising electricity tariffs, exorbitant call and data charges, and now, increased ATM fees. This government has failed to cushion the effects of its harsh economic policies, and the patience of Nigerians is wearing thin,” it stated.
Expressing frustration over the government’s revenue priorities, Osifo questioned the justification for additional financial burdens on citizens. “We demand to know: Why is the CBN prioritizing revenue collection over the welfare of citizens? What has been done with the billions generated from multiple taxes and levies imposed on Nigerians? Fiscal policies must be people-centered, not a constant drain on the pockets of hardworking citizens.”
According to the Labour leader, “The CBN cannot continue to weaponise financial policies against the masses while ignoring the devastating economic realities on the ground.”
Osifo also referenced the removal of fuel subsidies, arguing that despite increased government revenue, Nigerians have seen no relief.
Noting that Nigeria has earned more revenue since the removal of fuel subsidies, the TUC president lamented that, “yet the people see no relief. Instead of showing empathy, the government continues to tighten the noose around the necks of its citizens.”
He expressed that any country that disregards the plight of its lower-income population is doomed to economic and social instability.
He called on Nigerians to reject the policy and warned of possible consequences if the CBN insists on implementation.
Reiterating that the issue extends beyond ATM fees, the TUC stressed that it reflected a broader pattern of economic hardship.
“This is not just about ATM fees, it is about the continued financial suffocation of Nigerians. We say: Enough is enough!,” the TUC emphasised.