The Trade Union Congress (TUC) has asked the Central Bank of Nigeria (CBN) not to implement the new increase in Automated Teller Machine (ATM) transaction fees slated for March 1, 2025.
It said the apex financial institution should desist from deploying harsh financial policies against the masses while ignoring the devastating economic realities on the ground.
The union warned the central bank to stop taking the patience of Nigerians for granted or it should be ready to bear full responsibility for the consequences of its actions.
In a statement signed by the TUC president Festus Osifo and Secretary General, Comrade Nuhu Toro, the union urged all well-meaning Nigerians to reject what it described as exploitative policy and demand its immediate reversal.
“Our attention has been drawn to a circular from the CBN announcing an increase in ATM transaction fees, effective March 1, 2025.”
TUC faulted the claim by the CBN that the policy aligns with its 2020 guide on charges for banks and financial institutions, describing it as an assault on the already struggling Nigerian people
“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 prioritising 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 weaponise financial policies against the masses while ignoring the devastating economic realities on the ground,” it said.
TUC said though Nigeria had earned more revenue since the removal of fuel subsidies, the people did not see any relief, adding that instead of showing empathy, the government continues to tighten the noose around the necks of its citizens.
TUC added that “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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