Why you can’t implement cashless policy yet – Reps member tells FG, CBN
He added that the new charges on deposits and withdrawals proposed was senseless and a tool to worsen the economic situation in Nigeria.
Ifon who represents the people of Eket federal constituency noted that multiple taxation in every business in the country had already taken a toll on the economic lives of citizens and should not be aggravated with the imposition of the new bank charges. “For me, the idea is senseless because there are no facilities in Nigeria to support cashless economy at the moment. In fact, Nigeria cannot begin to implement cashless economy by inflicting hardship on the poor people. Also the policy is making mockery of the call by government to inject whatever you have into the economy.
“If someone lends money and the person wants to pay back and you begin to tax some percentage of the money, it means that the whole interest would be wiped off and that would discourage lending which eventually would adversely affect business development.”
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