The presidential candidate of the Labour Party in the last general election, Mr. Peter Obi, has described the Central Bank of Nigeria’s imposition of a 0.5% cybersecurity levy on Nigerians as a way of exploiting a “dying economy” and struggling Nigerians.
In a series of X posts on Wednesday, the former Anambra State governor said the tax is on the trading capital of businesses and not on their profits, which will further erode “whatever is left of their remaining capital” in the economy.
Furthermore, Obi said that policies like this not only impoverish citizens but also make the country’s economic environment less competitive.
Speaking further, Obi said the Federal Government should at this time be working on reducing the number of taxes, rather than increasing them.
He also raised questions about how the Office of the National Security Adviser (ONSA) is now becoming a revenue-generating arm of the government instead of its mandate to protect the lives of the Nigerian people.
On Monday, May 6, the CBN issued a circular ordering banks to initiate the deduction of a 0.5% cybersecurity levy to be remitted to the account of the Office of the National Security Adviser (ONSA).