Nigeria House of Representatives member accuses the CBN of being robbers

Nigeria: “Mr. Speaker, if we look at the situation, people are suffering in this country… The CBN now are trying to become the robbers.”


The Central Bank of Nigeria has been heavily criticized by majority of Nigerians for its new so-called cashless policy through which commercial banks will tax Nigerians for both deposits and withdrawals, thereby creating more pain and suffering for Nigerians who are already experiencing severe poverty under the administration of President Muhammadu Buhari.


Double Taxation for both online and offline transactions with Nigerian commercial banks


Nigeria’s Federal Inland Revenue Service (FIRS) had previously announced that it will impose a huge tax on Nigerians for online transactions from 2020. This clearly means the Nigerian government is taxing Nigerians for using cash and taxing Nigerians again for not using cash at the same time! Which direction is the Nigerian government headed?


More punishment for Nigerians and small businesses (SMEs) under Buhari?


“Mr. Speaker, if we look at the situation, people are suffering in this country… The CBN now are trying to become the robbers,” the Nigerian member of parliament said in the video. Many Nigerians, especially small business owners share the same views with the member of the House of Representatives.


Watch the video of the Nigerian parliamentarian speaking below:



This week, the Nigerian House of Representatives ordered the Central Bank of Nigeria (CBN) to suspend its new cashless policy and tax, but Nigerians are yet to see if the CBN will suspend the policy.



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Author: Editor-in-Chief

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