The Trade Union Congress (TUC) has called on the Central Bank of Nigeria (CBN) to stop its planned increase in Automated Teller Machine (ATM) transaction fees set to take effect on March 1, 2025.
In a statement, TUC expressed concern that the CBN is implementing harsh financial policies that worsen the hardships faced by Nigerians. The union warned that the central bank should not take the patience of the Nigerian people for granted and must be prepared to face the consequences of its actions.
TUC President Festus Osifo and Secretary General Comrade Nuhu Toro signed the statement, urging Nigerians to reject what they consider an exploitative policy and demand its immediate reversal.
The union pointed out that the CBN’s announcement of the fee increase contradicts its claim that the policy aligns with earlier guidelines for banks and financial institutions, calling it an attack on the struggling populace.
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TUC stated, “Enough is enough. The Nigerian workers and the general public have endured ongoing economic hardship under this administration.”
They questioned why the CBN is prioritizing revenue collection over the welfare of citizens, noting that the billions raised from various taxes do not seem to have benefited the people.
Furthermore, TUC highlighted that despite increased revenue since the removal of fuel subsidies, Nigerians have not seen any relief and felt that the government’s economic policies are tightening the noose around their necks.
The union warned that ignoring the needs of lower-income populations could lead to economic and social instability. They emphasized that the issue is not just about ATM fees, but about the ongoing financial struggles of Nigerians, declaring, “Enough is enough.”
TUC’s message is clear: they are urging all concerned Nigerians to reject the fee increase and demand a change, stating that if the CBN proceeds with this decision, it will bear full responsibility for its consequences.
