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The Nationwide Affiliation of Nigerian College students (NANS) has known as on the federal authorities to droop the Digital Cash Switch Levy (EMTL) of #50 on #10,000 transaction.
THE BUREAU NEWSPAPER earlier reported that Fintech apps together with Opay, Moniepoint, Palmpay has began implementation of EMTL cost of #50 on #10,000 transaction.
In a press launch collectively signed by NANS Southwest Treasurer, Comrade Ojetola Babatunde Yusuf and Comrade Afolabi Adedayo T., NANS Zone D Monetary Secretary, the union disclosed that the brand new tax is a method to extort Nigerian college students as ‘2k pressing’ has been relegated by inflation.
NANS urged the federal government to as a substitute alter EMTL to a charge of N50 on #100,000 transaction.
The press launch reads:
NATIONAL ASSOCIATION OF NIGERIAN STUDENTS (NANS)Southwest Zone DOffice of the Treasurer
Droop N50 On N10,000 Digital Cash Switch Levy (EMTL) Or Enhance It To #100,000
It’s not information once more that the Federal Authorities of Nigeria has begun implementation of Digital Cash Switch Levy (EMTL). The levy, known as Digital Cash Switch Levy (EMTL), launched below the Finance Act 2020, locations a singular and one-off levy of N50 on the recipient of any digital receipt or switch of N10,000 or above.
This levy was earlier introduced to take impact from September 9 however was met with robust opposition from the Nationwide Affiliation of Nigerian College students (NANS).
Amid rising inflation, financial system instability, fluctuating greenback and irritating insecurity, the Federal Authorities of Nigeria ought to contemplate the poor and fewer privilege in implementation of insurance policies.
Taxing N50 on each N10,000 transaction is a punishment and oblique means to extort the poor, rising hardship and lamentations, particularly amongst Nigerian college students.
#10,000 is the widespread stipend our dad and mom do ship to us as “pressing 2k, 5k” has been relegated as a consequence of inflation.
NANS hereby recommendation that FG ought to droop Digital Cash Switch Levy or enhance EMTL from #10,000 to #100,000 and above. The Union strongly believes that this transfer is not going to solely outline FG as ‘Listening Authorities’ but in addition ‘Good friend of the Poor’.
Not harkening to our humble plea could result in robust actions.
Signed:Comrade Ojetola Babatunde Yusuf “Toyyem”NANS Zone Treasurer
Comrade Afolabi Adedayo T.NANS Zone D Monetary Secretary
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