The National Association of Nigerian Students (NANS) has called on the federal government to suspend the Electronic Money Transfer Levy (EMTL) of ₦50 on ₦10,000 transactions. According to NANS, this levy is an “indirect means to extort the poor” and will increase hardship, especially among Nigerian students.
In a press release, NANS Southwest Treasurer, Comrade Ojetola Babatunde Yusuf, and Comrade Afolabi Adedayo T., NANS Zone D Financial Secretary, stated that the ₦10,000 threshold is too low, considering the current economic situation. They argued that “₦10,000 is the common stipend our parents do send to us as ‘urgent 2k, 5k’ has been relegated due to inflation.”
NANS has urged the government to adjust the EMTL to a fee of ₦50 on ₦100,000 transactions instead. The union believes that this move will not only define the FG as a “listening government” but also a “friend of the poor.”
The Electronic Money Transfer Levy was introduced under the Finance Act 2020 and places a singular and one-off levy of ₦50 on the recipient of any electronic receipt or transfer of ₦10,000 or above. Fintech apps, including Opay, Moniepoint, and Palmpay, have started implementing the EMTL payment of ₦50 on ₦10,000 transactions .
NANS has threatened to take “strong actions” if the government fails to suspend or adjust the EMTL. The union’s stance has sparked concerns about the impact of the levy on financial inclusion, particularly among low-income earners and small businesses.
