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 transaction.
THE BUREAU NEWSPAPER earlier reported that Fintech apps including Opay, Moniepoint, Palmpay has started implementation of EMTL payment of #50 on #10,000 transaction.
In a press release jointly signed by NANS Southwest Treasurer, Comrade Ojetola Babatunde Yusuf and Comrade Afolabi Adedayo T., NANS Zone D Financial Secretary, the union disclosed that the new tax is a means to extort Nigerian students as ‘2k urgent’ has been relegated by inflation.
NANS urged the government to instead adjust EMTL to a fee of N50 on #100,000 transaction.
The press release reads:
NATIONAL ASSOCIATION OF NIGERIAN STUDENTS (NANS)
Southwest Zone D
Office of the Treasurer
Suspend N50 On N10,000 Electronic Money Transfer Levy (EMTL) Or Increase It To #100,000
It’s not news again that the Federal Government of Nigeria has begun implementation of Electronic Money Transfer Levy (EMTL). The levy, called Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, places a singular and one-off levy of N50 on the recipient of any electronic receipt or transfer of N10,000 or above.
This levy was earlier announced to take effect from September 9 but was met with strong opposition from the National Association of Nigerian Students (NANS).
Amid rising inflation, economy instability, fluctuating dollar and frustrating insecurity, the Federal Government of Nigeria should consider the poor and less privilege in implementation of policies.
Taxing N50 on every N10,000 transaction is a punishment and indirect means to extort the poor, increasing hardship and lamentations, especially among Nigerian students.
#10,000 is the common stipend our parents do send to us as “urgent 2k, 5k” has been relegated due to inflation.
NANS hereby advice that FG should suspend Electronic Money Transfer Levy or increase EMTL from #10,000 to #100,000 and above. The Union strongly believes that this move will not only define FG as ‘Listening Government’ but also ‘Friend of the Poor’.
Not harkening to our humble plea may lead to strong actions.
Signed:
Comrade Ojetola Babatunde Yusuf “Toyyem”
NANS Zone Treasurer
Comrade Afolabi Adedayo T.
NANS Zone D Financial Secretary