TUC to CBN: Stop weaponizing financial policies against Nigerians

…rejects ATM fee hike, demands immediate reversal

…threatens mass action if ignored

By Ukpono Ukpong

The Trade Union Congress (TUC) has condemned the recent decision by the Central Bank of Nigeria (CBN) to increase Automated Teller Machine (ATM) transaction fees, calling it a deliberate attack on struggling Nigerians.

The union has demanded an immediate reversal of the policy and warned that mass action would be inevitable if the government fails to act.

In a statement jointly signed by its President, Comrade Festus Osifo, and Secretary, Comrade Nuhu Toro, the TUC described the policy as another burden on citizens already grappling with economic hardship.

The TUC accused the government of repeatedly implementing harsh economic measures without considering the suffering of the people.

“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.” the statement added.

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The labour union questioned the rationale behind the new charges, insisting that the CBN was more focused on revenue generation than the welfare of the citizens.

Highlighting the worsening economic situation, the union criticized the government for failing to alleviate the impact of its policies despite increased revenue from subsidy removal.

TUC further warned of potential economic and social instability if the government continues to ignore the plight of ordinary Nigerians.

“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.

“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.” the union asserted.

While calling on Nigerians to resist the policy, the TUC urged citizens to demand accountability from their leaders.

The union further warned the CBN that it would bear full responsibility for any consequences that arise from the unpopular policy.

“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.” it cautioned.

Reaffirming its commitment to fighting for the rights of Nigerian workers and citizens, the TUC reiterated that the struggle is not just about ATM fees but about the broader issue of financial oppression.

“This is not just about ATM fees—it is about the continued financial suffocation of Nigerians. We say: Enough is enough!” the statement concluded.