The Peoples Redemption Party (PRP) has condemned the Federal Government’s introduction of a N50 electronic levy on all financial transactions exceeding N10,000, describing it as an exploitative burden on already struggling Nigerians.
In a statement signed by Comrade Muhammed Ishaq, Acting National Publicity Secretary of the PRP, the party expressed deep concern over the levy, which came into effect on December 1, 2024.
The charge, applicable through banks and financial technology platforms such as Opay and Moniepoint, has drawn widespread criticism.
“This decision is yet another unwarranted burden placed on the Nigerian populace, already grappling with the disastrous impacts of fuel subsidy removal and other misguided policies of this administration,” the statement read.
The PRP criticized the Federal Inland Revenue Service (FIRS) for justifying the levy under revenue generation efforts, arguing that it disproportionately affects low-income earners.
The party warned that the move could discourage banking, counteracting efforts to include more Nigerians in the formal financial system.
“Families are making painful choices daily—whether to afford basic goods and services or to forego their needs entirely. This levy increases the economic suffering of millions, with inflation, high living costs, and dwindling purchasing power already overwhelming citizens,” the PRP said.
The PRP called on the Federal Government to immediately halt the levy, urging the implementation of policies that prioritize the welfare of citizens.
The party stressed the need for economic reforms that stimulate growth and alleviate poverty rather than measures that deepen financial hardships.
“Nigerians deserve compassion and understanding, not additional taxation. We stand in solidarity with all Nigerians affected by this unjust levy and call for collective action to demand its reversal,” the statement added.
