The Central Bank of Nigeria’s proposed increase in ATM transaction charges, set to take effect in March, has sparked widespread reactions among Nigerians, with concerns over its impact on the already struggling economy.
A civil servant, Mr. Umeadi Anigbogu, has urged the federal government and financial regulators to reconsider the proposal, citing the current economic hardship faced by Nigerians. He described the move as retrogressive, arguing that excessive taxation stifles economic growth.
“The government should focus on generating economic activities that improve the lives of citizens rather than imposing additional financial burdens,” Anigbogu stated. He further highlighted the rising costs of petrol, electricity, and other essential services, warning that increased ATM charges could worsen the financial strain on Nigerians.
However, Mr. Festus Nwabue, a retired director in the Anambra State Office of the Head of Service, Establishment, and Pensions, supports the proposal—provided that the revenue generated is properly managed. He emphasized that public opposition to taxation often stems from concerns over misuse rather than the tax itself.
“If the funds collected are reinvested into infrastructure and social amenities, as seen in developed nations, there would be less resistance to taxation,” Nwabue noted.
The debate over the new charges continues as Nigerians await further clarification from the CBN on the rationale and intended use of the additional fees.
