‘Think of investments, not imposing taxes’ -NANS
The National Association of Nigerian Students (NANS) has voiced strong opposition to the newly introduced N50 levy on electronic money transfers, demanding that economic managers reverse the policy. The Senate Clerk of NANS, Oladimeji Uthman, issued a statement on Sunday criticizing the financial burden this levy places on students and the general population.
Set to take effect on September 9, 2024, the levy applies to every electronic transfer of ₦10,000 and above conducted through fintech companies. Uthman highlighted that this policy, which was previously applicable only to commercial banks, now extends to popular fintech platforms such as OPay and Moniepoint, effectively ending the era of free banking services that many users have come to rely on.
“The levy directed to the Federal Government via the FIRS does not benefit the fintech companies themselves,” Uthman explained, emphasizing that the financial strain will disproportionately affect students who use these services for education and daily expenses.
He urged the Federal Government to seek alternative revenue sources, suggesting investments in agriculture, quality education, infrastructure development, and job creation, rather than imposing additional taxes on students and ordinary citizens.
“This sentiment reflects a broader discontent among students who believe that government revenue strategies should focus on long-term development rather than immediate taxation,” the statement read.
With over 40.1 million Nigerian students relying on fintech services for financial transfers, the proposed N50 Electronic Money Transfer Levy (EMTL) could significantly impact their ability to cover essential needs such as school fees, textbooks, and living expenses.