TUC demands reversal of new ATM charges

• Published On: 27 February 2025 at 20:37

The Trade Union Congress has urged the Central Bank of Nigeria to halt the planned increase in Automated Teller Machine transaction fees, which is scheduled to take effect on March 1, 2025.

In a statement signed by TUC President Festus Osifo and Secretary General Nuhu Toro, the policy was criticised as an additional burden on Nigerians who are already struggling economically.

They emphasised that the CBN should prioritise citizens' welfare over revenue collection, and warned that Nigerians' patience is running out.

The TUC has condemned the planned ATM fee hike, warning the CBN not to take Nigerians' patience for granted.

The union warned that if the policy is implemented, the CBN must be prepared to accept full responsibility for the consequences, as it would put additional strain on citizens already experiencing financial difficulties.

"Our attention has been drawn to a CBN circular announcing an increase in ATM transaction fees beginning March 1, 2025.

""We express unequivocally: enough is enough. This administration has subjected Nigerian workers and the general public to unrelenting economic hardship.

"Every day brings a new burden—higher taxes, rising electricity tariffs, exorbitant call and data charges, and now, increased ATM fees."

The TUC rejected the CBN's justification that the policy is consistent with its 2020 bank charge guideline, calling it an attack on Nigerians who are already facing economic hardship.

"This government has failed to mitigate the consequences of its harsh economic policies, and Nigerians' patience is wearing thin.

"We demand to know why the CBN prioritises revenue collection over citizen welfare. What has happened to the billions of dollars raised by various taxes and levies imposed on Nigerian citizens? Fiscal policies must be people-centered, rather than a constant drain on the pockets of hard-working citizens.

""The CBN cannot continue to weaponise financial policies against the masses while ignoring the devastating economic realities on the ground," it said.

The TUC stated that, despite increased revenue following the removal of fuel subsidies, Nigerians have received no relief. Instead of providing assistance, the government continues to impose policies that increase the financial burden on its citizens.

"Any country that ignores the needs of its low-income citizens is doomed to economic and social instability.

"We urge all well-meaning Nigerians to oppose this exploitative policy and demand an immediate reversal. If the CBN proceeds with this ill-advised decision, they will bear full responsibility for the consequences.

"This is more than just ATM fees; it is about Nigerians' continued financial suffocation. We say, "Enough with the commentary," TUC added.