Peter Obi Speaks On FG’s Planned Imposition Of Cybersecurity Levy On Nigerians

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Wednesday, May 8th, 2024

(AFRICAN EXAMINER) – Labour Party’s 2023 presidential candidate, Mr Peter Obi, has frowned on the Bola Tinubu-led government for imposing a cybersecurity levy on Nigerians.

Obi took to his X account to argue that the government’s decision to impose a cybersecurity levy would drain the economy and halt its revival and expansion.

The African Examiner recalls that 0.5 percentage levy on bank transactions, has continue to face condemnation as many Nigerians questioned its management by the Office of the National Security Adviser as outlined in the Cybersecurity Act.

Obi, joining the fray, stated that with this policy, the government, will not only worsen poverty among Nigerians but also decrease the country’s economic competitiveness.

Obi writes: “The introduction of yet another tax, in the form of Cybersecurity Levy, on Nigerians who are already suffering severe economic distress is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.

“This does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes, including stamp duties, but it negates the government’s avowed commitment to reducing the number of taxes and streamlining the tax system.

“The imposition of a Cybersecurity Levy on bank transactions is particularly sad given that the tax is on the trading capital of businesses and not on their profit; hence, it will further erode whatever is left of their remaining capital after the impact of the Naira devaluation and high inflation rate.

“It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government. Policies such as this not only impoverish the citizens but make the country’s economic environment less competitive.”