Peter Obi, the Labour Party’s 2023 presidential candidate, criticizes the Bola Tinubu-led administration for its introduction of the Cybersecurity Levy, labeling it as excessive taxation burdening a struggling economy.
The Central Bank of Nigeria’s directive to charge a 0.5% cybersecurity levy on transactions has drawn sharp criticism from Obi, who condemns the move as detrimental to economic recovery and growth.
Expressing concern over the increasing tax burden on Nigerians, Obi questions the government’s priorities and commitment to streamlining the tax system.
He argues that the new levy, imposed on bank transactions, exacerbates the economic challenges faced by businesses already grappling with inflation and currency devaluation.
The former Anambra wrote on his X page, “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 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 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 center?
“And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?”
