N50 bank transaction levy, more burden on poor Nigerians, PRP says

The Peoples Redemption Party (PRP) has outrightly condemned the imposition of a N50 electronic transfer levy on all bank transactions exceeding N10,000.

In a statement issued on Tuesday by its Ag. National Publicity Secretary, Comrade Muhammed Ishaq, and made available to Ripples Nigeria, the party stressed that the levy is yet another burden on poor Nigerians.

The party noted that the levy as imposed by the Bola Tinubu-led administration came at a wrong time because Nigerians were still grappling with the economic consequences attached to the removal of fuel subsidy and other economic reforms embarked upon by the administration.

The statement reads: “The Peoples Redemption Party (PRP) expresses its deep concern and condemnation at the recent decision by the Federal Government of Nigeria to impose a N50 electronic levy on all financial transactions exceeding N10,000.00 through platforms of all banks and other financial technology companies such as Opay and Moniepoint. This, it must be said, is yet another unwarranted burden placed on the already struggling Nigerian populace.

“In a time when the citizens of Nigeria are grappling with unprecedented hardships—exacerbated by the disastrous removal of fuel subsidies and a slew of other misguided policies from this administration—the federal government’s choice to impose an additional levy is not only tone-deaf but outright callous.

“This electronic levy, that is set to commence on December 1, 2024, is a flagrant display of insensitivity to the plight of ordinary Nigerians.

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“The Federal Inland Revenue Service (FIRS) may justify this levy as part of their revenue collection efforts, but it is clear that this is an exploitative measure aimed at squeezing more money from citizens overburdened by high inflation, soaring living costs, and declining purchasing power. The measure it need be noted would further make the low-income earners run away from banking despite the clamour to have such a category of Nigerians banked.

“Nigerians have shown remarkable resilience in the face of these hardships, but the continual imposition of levies and taxes only serves to deepen the economic suffering faced by millions. Daily, families are forced to make painful choices: whether to pay for essential goods and services or to forego their basic needs altogether. It is an affront to life and dignity that, in such trying times, the government would choose to exacerbate the suffering of its citizens by introducing additional financial burdens.

“We call on the federal government to reconsider and immediately halt this electronic levy and to instead focus on providing relief to Nigerians in these challenging times. It is high time that the government recognized that the citizens it claims to serve deserve compassion and understanding, not additional taxation.

“The PRP urges the government to implement policies that prioritize the welfare of the people, revitalize the economy, and stimulate growth, instead of resorting to punitive measures that further impoverish the populace.

“The PRP stands in solidarity with all Nigerians affected by this unjust levy and calls for collective action against it. We will not remain silent while the hope and livelihood of our citizens are put at risk by shortsighted policies and bureaucratic indifference.”

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