Emmanuel Ochayi
The President of the Trade Union Congress (TUC), Festus Osifo, has warned that Nigerian workers may embark on a nationwide strike to protest the new ATM withdrawal fee introduced by the Central Bank of Nigeria (CBN).
The policy, set to take effect on March 1, 2025, imposes withdrawal charges ranging from N100 to N600 for every N20,000 withdrawn from an interbank ATM. This removes the three free monthly withdrawals that customers previously enjoyed.
Join our WhatsApp ChannelWhile the CBN clarified that withdrawals at a customer’s own bank will not attract charges, Osifo strongly opposed the policy, calling it “another assault on the already struggling Nigerian people.”
TUC Rejects New ATM Withdrawal Fee
In a statement on Wednesday, Osifo criticised the decision, saying it would further burden Nigerians who are already facing severe economic hardship. “Our attention has been drawn to a circular from the Central Bank of Nigeria (CBN) announcing an increase in ATM transaction fees, effective March 1, 2025, and we say unequivocally, enough is enough,” he declared.
According to him, the Nigerian people have endured multiple financial difficulties, including rising taxes, electricity tariffs, and telecommunication costs. He accused the government of failing to cushion the impact of its policies while focusing more on revenue generation than citizens’ welfare.
CBN Accused of Prioritising Revenue Over Citizens’ Welfare
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Osifo questioned why the CBN was introducing another charge despite the billions already generated from multiple taxes and levies.
“We demand to know why the CBN is more focused on revenue collection than on the well-being of Nigerians. What has been done with the billions generated from multiple taxes and levies? Fiscal policies must be people-centered, not a constant drain on the pockets of hardworking citizens,” he said.
He accused the CBN of implementing financial policies that hurt ordinary Nigerians while ignoring the reality of economic hardship in the country.
TUC Calls for Immediate Reversal of the Policy
The TUC president argued that despite increased government revenue following the removal of fuel subsidies, Nigerians have not experienced any financial relief. Instead, he said, the government continues to impose policies that make life harder for the people.
“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,” Osifo warned.
He urged Nigerians to resist the new ATM withdrawal fee 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, and we say enough is enough,” he added.
Possible Nationwide Strike Looms
The TUC has made it clear that failure to withdraw the policy could lead to mass action across the country. Osifo emphasised that Nigerian workers would not sit back and watch as more financial burdens are placed on them.
READ ALSO: SERAP Gives CBN 48 Hours To Reverse ATM Withdrawal Fee Increase
The new ATM withdrawal fee has already sparked public outrage, with many Nigerians expressing frustration over the increasing cost of financial transactions.
If the policy is not reversed, the TUC and other labor unions may take drastic measures, including shutting down essential services nationwide.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
