Former Labour Party (LP) presidential candidate, Peter Obi, has expressed strong opposition to the Federal Government’s move to enforce a 0.5 percent cybersecurity levy. This criticism comes in the wake of the Nigeria Labour Congress (NLC) condemning the proposed levy introduced by the Central Bank of Nigeria (CBN) on all electronic transactions, citing it as an additional financial burden on Nigerians.
According to a circular distributed to various financial institutions, including commercial, merchant, non-interest, and payment service banks, the CBN announced that the levy would take effect in two weeks from May 6. The levy’s revelation sparked condemnation, leading the NLC to demand its immediate reversal from the government.emand its immediate reversal.
Joe Ajaero, NLC President, strongly opposed the policy, citing its impact on workers’ income and citizens’ purchasing power. Peter Obi criticized the levy on his X account, labeling it as an additional burden for the struggling masses. Both leaders advocate for the levy’s reversal, highlighting its adverse effects on Nigerian citizens and businesses.
Obi voiced concern, noting, “The introduction of the Cybersecurity Levy on Nigerians in dire economic straits reveals governmental exploitation.” He criticized the government’s move, asserting it exploits the economy instead of nurturing it back to health.
The levy’s impact on bank transactions, especially businesses’ trading capital, is highlighted, exacerbating losses from devaluation and inflation. Businesses face further depletion of capital due to the levy’s impact on bank transactions amid economic challenges.
Furthermore, Obi criticized the government’s expectation for suffering citizens to independently fund all government activities, arguing that such policies not only impoverish citizens but also undermine the country’s economic competitiveness. He concluded by expressing bewilderment at the government’s decision to introduce new taxes instead of reducing them to combat inflation.
Peter Obi and the NLC firmly oppose the cybersecurity levy, citing its negative impact on Nigerians and businesses. They advocate for its reversal due to its detrimental effects on an already struggling economy.
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