On 1 December, the Nigerian government began deducting a ₦50 electronic levy (E-Levy) from transactions conducted through financial technology platforms like Opay and Moniepoint.
In September, The New Daily Prime reported that Opay and other fintech companies had announced plans to impose a ₦50 charge on customer transfers of ₦10,000 and above.
The companies clarified that these charges are not a source of revenue for the payment platforms but are mandated by President Bola Tinubu’s administration as part of government policy.
The electronic levy (E-Levy) is a tax imposed on digital financial transactions. Its purpose is typically to generate revenue by taxing electronic payments, transfers, and other forms of monetary activities conducted online. Such policies are often introduced in nations transitioning to cashless economies to capitalise on the increasing adoption of digital payment systems.
On Sunday, online banks implemented the E-Levy deductions, sparking widespread controversy. Many Nigerians have expressed outrage, questioning the federal government’s decision to introduce yet another tax burden.
One X user, Abino, criticised President Tinubu’s administration, claiming it has mismanaged oil revenues and is now resorting to excessive taxation on citizens.
According to Mercy Akuma, the electronic levy charge introduced by Mr Tinubu’s administration stems from the belief that platforms like OPAY have a large customer base, prompting the federal government to capitalise on this opportunity.
Another X user, Dearest Jessica, argued that the funds generated from the levy would not be judiciously utilized for the nation’s development but would instead be redirected to pay politicians exorbitant salaries and finance their luxurious lifestyles.
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