The Trade Union Congress (TUC) threatens to orchestrate a significant protest leading to the complete shutdown of the Nigerian economy, if the Federal Government does not revoke the controversial cybersecurity levy introduced by the Central Bank of Nigeria (CBN). Through its President Festus Osifo, the TUC criticized the CBN’s mandate to banks, imposing a 0.5 percent cybersecurity levy on nearly all electronic transactions.
This censure echoes similar disapprovals voiced by the Nigeria Labour Congress (NLC), which characterized the levy as an additional burden on Nigerians. Expressing puzzlement at the timing of the levy, the TUC noted the existing high cost of living in Nigeria, attributed to factors like the Naira’s devaluation, escalating petrol prices, and soaring electricity tariffs.
The union bemoaned government policies under President Bola Tinubu’s administration, asserting that they have inflicted hardship on Nigerians, with account holders subjected to multiple taxes from both government bodies and banks. Additionally, it accused the National Assembly of collaborating with elements in the executive branch to exploit citizens rather than safeguarding their interests.
Emphasizing that Nigerians are presently more focused on concluding discussions regarding the minimum wage than grappling with what it termed a “troublesome policy,” the TUC urged the Federal Government to direct the CBN to rescind the directive to banks and annul the levy promptly to avert further economic strain on the populace.
In the event that the government disregards its demands, the TUC warned of mobilizing its members, stakeholders, and the general public to initiate protests aimed at paralyzing the economy. The union characterized the levy as yet another manifestation of exploitation and extortion targeting hardworking Nigerians and called for an end to such practices.
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