Former Labour Party (LP) presidential candidate, Peter Obi, has strongly criticized the Federal Government's decision to implement a 0.5 percent cybersecurity levy on all bank transactions. The directive, issued by the Central Bank of Nigeria (CBN) on Tuesday, mandates banks to collect and remit the levy on electronic transactions to the Office of the National Security Adviser (NSA).
Obi condemned the move as a burdensome imposition on already struggling Nigerians. He argued that the introduction of the Cybersecurity Levy contradicts the government's pledge to simplify the tax system and alleviate the impact of Naira depreciation and high inflation rates on businesses' trading capital.
Taking to his Twitter handle, the former Anambra Governor expressed dismay over the government's decision, questioning the transformation of the NSA's office into a revenue-collection hub. He criticized the levy as another form of taxation on banking transactions, exacerbating the financial strain on citizens already subject to various other taxes.
Obi emphasized that the levy directly targets businesses' trading capital, further eroding their already diminished resources in the face of economic challenges. He highlighted the detrimental effects of such policies on citizens' welfare and the competitiveness of Nigeria's economic environment.
The former presidential candidate underscored the government's misplaced priorities, criticizing the introduction of new taxes instead of reducing the tax burden to mitigate inflation. He raised concerns about the involvement of the NSA's office in revenue collection and questioned the rationale behind such a move in the context of national security.
Obi's remarks reflect growing discontent among Nigerians over the government's approach to taxation and economic policies, particularly amid the prevailing economic hardships facing the country.
