Peter Obi, the presidential candidate of the Labour Party in 2023 general election has hammered the Federal government over the proposed Cybersecurity Levy on bank transactions, NewsWeek Nigeria reports.
Reacting, Obi in a statement issued on his verified X account, faulted the Federal government decision, stressing that, the introduction 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.
Peter Obi wrote:
“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.”
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“This does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes including stamp duties but negates the Government’s avowed commitment to reduce the number of taxes and streamline 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 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.”
“At a time when the government should be reducing taxes to curb inflation, the government is instead introducing new taxes.
And when did the office of the NSA become a revenue collecting centre?” “And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law? -PO” The CBN in a circular issued on Monday ordered banks operating in the country to start charging a cybersecurity levy on transactions in two weeks from the date of the issuance of the circular.
The apex bank referenced earlier circular and letter to all banks dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, etc.) Act 2015 and the recent call by the National Security Adviser office for the full enforcement of Nigeria’s amended cybercrime law.