New N50 Electronic Money Transfer Levy Takes Effect.
Abuja, Nigeria – A wave of anger and frustration has swept across Nigeria as a new electronic money transfer levy, imposed by the Federal Government, came into effect on Monday, September 9, 2024.
The levy, which charges a one-time fee of ₦50 for transfers of ₦10,000 and above, has been met with widespread criticism and concerns about its impact on the already struggling economy.
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Mobile payment platforms like OPay and Moniepoint notified their customers of the new levy, explaining that it is a direct charge imposed by the Federal Inland Revenue Service (FIRS) and not a fee collected by the platforms themselves.
The introduction of the levy has sparked outrage among Nigerians, who are already grappling with rising inflation, unemployment, and other economic challenges. Critics argue that the levy is a disproportionate burden on ordinary citizens who rely on electronic transfers for daily transactions and remittances.
President Bola Tinubu’s administration has faced mounting criticism for its economic policies, which many Nigerians perceive as harsh and insensitive to the needs of the population. Despite repeated calls for sacrifices, the government has been accused of lavish spending, including the purchase of a presidential jet worth over $150 million and a yacht costing over ₦5 billion.
Additionally, the government’s recent decision to increase fuel prices to ₦1500 per liter and devalue the naira has further exacerbated economic hardship and fueled discontent among Nigerians.
As the new levy takes effect, it remains to be seen how Nigerians will respond and whether the government will face increased pressure to reconsider its economic policies.
