The Trade Union Congress (TUC) President, Festus Osifo, has threatened nationwide industrial action against CBN’s new withdrawal charges.
The Central Bank of Nigeria (CBN) policy, effective from March 1, 2025, imposes N100–N600 fees per N20,000 withdrawal.
This policy removes three monthly free withdrawals previously enjoyed by customers, sparking widespread outrage among Nigerian workers and citizens.
Withdrawals made from a customer’s own bank remain exempt from charges, according to clarifications provided by the apex financial institution.
Osifo described the policy as another assault on Nigerians, already burdened by harsh economic conditions under current government policies.
He criticized the government’s failure to cushion the impact of rising taxes, electricity tariffs, and increasing telecommunication costs.
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“Our attention was drawn to this circular; we say enough is enough—Nigerians cannot bear additional financial burdens,” he declared.
Osifo questioned why the CBN prioritizes revenue generation while neglecting citizens’ welfare amid persistent economic hardship nationwide.
“We demand explanations regarding billions generated from taxes. Fiscal policies should prioritize people’s welfare, not deplete their resources,” Osifo added.
Despite higher government revenue following fuel subsidy removal, Osifo argued citizens have not experienced meaningful economic relief.
He warned that neglecting the lower-income population’s needs could trigger economic and social instability, affecting national progress.
The TUC President accused the CBN of weaponizing financial policies against the masses, worsening Nigeria’s harsh economic realities.
“Instead of showing empathy, this administration tightens the noose around citizens’ necks, deepening economic frustration everywhere,” Osifo noted.
Osifo called on Nigerians to reject these withdrawal charges, demanding an immediate and complete reversal of the policy.
“This policy represents continuous financial suffocation. We firmly say enough is enough; Nigerians deserve economic justice,” he concluded.
