The Trade Union Congress has urged the Central Bank of Nigeria to halt the planned increase in Automated Teller Machine transaction fees, set to take effect on March 1, 2025.
In a statement signed by TUC President, Festus Osifo and Secretary General Nuhu Toro criticized the policy, describing it as an additional burden on Nigerians already facing economic hardships.
They emphasized that the CBN should prioritize citizens’ welfare over revenue collection and warned that the patience of Nigerians is wearing thin.
The TUC has condemned the planned ATM fee hike, warning the CBN against taking Nigerians’ patience for granted.
The union cautioned that if the policy is enforced, the CBN must be ready to bear full responsibility for its consequences, as it would further strain citizens already facing economic difficulties.
“Our attention has been drawn to a circular from the CBN announcing an increase in ATM transaction fees, effective March 1, 2025.
““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.”
The TUC rejected the CBN’s justification that the policy aligns with its 2020 guide on bank charges, calling it an attack on Nigerians already struggling with economic hardship.
“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.
The TUC noted that despite increased revenue since the removal of fuel subsidies, Nigerians have seen no relief. Instead of providing support, the government continues to impose policies that further tighten the financial strain on 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 commentary,” TUC added.
