The Federal Government of Nigeria has rolled out a controversial new policy, imposing a N50 electronic levy on transactions of N10,000 and above conducted via popular fintech platforms like Opay, Moniepoint, and others. This move, announced on the official X handle “Naija,” has sparked widespread criticism and raised questions about its impact on ordinary Nigerians already grappling with economic hardship.
The announcement read:
“BREAKING: FG begins N50 electronic levy deductions from Opay, Moniepoint, others’ Fintech companies on any transactions of N10,000 and above made by users.”
The policy has drawn sharp rebukes from Nigerians online, with many condemning it as exploitative and insensitive. One prominent reaction came from social commentator and X user, Mahdi Shehu, who unleashed a fiery critique of the government’s decision.
He wrote:
“Taxing Opay account holders: Tinubu’s heartlessness, tax craze, greed, insatiability, and insensitivity knows no bounds. Ninety percent of people operating Opay accounts are poor peasants barely able to eat one meal. It is this pitiable class of people that Tinubu is robbing at biro point—just to fund his reckless spending and luxury lifestyle.”
Shehu further expressed frustration over what he described as a government-driven cycle of exploitation, adding a fervent prayer:
“God, oh God, we urge you to translate this round of official robbery into an answered prayer. Oh God, let this heartlessness be the additional reason for continued confusion in this tax-crazed government through whichever means that pleases you. Amen. Amen. Amen.”
This electronic levy adds to the growing list of charges Nigerians have faced under the current administration, intensifying debates about the government’s priorities and its approach to revenue generation. Critics argue that the levy disproportionately affects low-income earners, especially those using fintech platforms as a more accessible alternative to traditional banking.
Platforms like Opay and Moniepoint have been lauded for their role in enhancing financial inclusion, particularly among the unbanked population. However, this levy could discourage the use of these services, forcing many to revert to cash transactions, thus defeating efforts to modernize the financial system.
The policy comes amidst mounting public frustration over the administration’s perceived inability to ease economic challenges, including skyrocketing food prices, fuel costs, and an overall high cost of living. While the government defends the levy as a necessary step to bolster revenue, many Nigerians see it as yet another burden on the most vulnerable.
As the levy takes effect, the Tinubu administration faces increasing scrutiny and backlash from citizens demanding a more equitable and compassionate approach to governance. Whether the government will reconsider or modify the policy remains uncertain, but the outcry serves as a stark reminder of the growing divide between policymakers and the realities of ordinary Nigerians.
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