The Trade Union Congress has reacted to the new transaction fees introduced by the Central Bank of Nigeria for the usage of Automated Teller Machines, saying the apex bank was resting the patience of Nigerians.
The reaction of the TUC was contained in a statement on Tuesday by its President and Secretary General, Festus Osifo and Nuhu Toro.
The union said in reaction to the new ATM transaction fees scheduled to be effected on March 1, 2025: “Our attention has been drawn to a circular from the Central Bank of Nigeria (CBN) announcing an increase in Automated Teller Machine (ATM) transaction fees, effective March 1, 2025. The CBN claims this aligns with its 2020 guide on charges for banks and financial institutions. This policy is yet another assault on the already struggling Nigerian people, and we say unequivocally: enough is enough!
“The Nigerian workers and the general public have endured relentless economic hardship under this administration. 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.
“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. The CBN cannot continue to weaponize financial policies against the masses while ignoring the devastating economic realities on the ground.
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“Nigeria has earned more revenue since the removal of fuel subsidies, yet the people see no relief. Instead of showing empathy, the government continues to tighten the noose around the necks of its citizens. Any country that disregards the plight of its lower-income population is doomed to economic and social instability.
“We call on all well-meaning Nigerians to reject this exploitative policy and demand its immediate reversal. Should the CBN proceed with this ill-advised decision, they will bear full responsibility for the consequences of their actions.
“This is not just about ATM fees—it is about the continued financial suffocation of Nigerians. We say: Enough is enough!”
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