Peter Obi Blasts FG Over New Cybersecurity Levy

The 2023 Presidential candidate of the Labour Party, Peter Obi, has accused the Federal Government of being insensitive to the plights of Nigerians by the introduction of a new cyber security Levy on electronic transfers.

Obi took to his social media handle X (formerly Twitter) on Wednesday to react to a recent memo by the Central Bank of Nigeria (CBN) mandating banks and payment service operators to effect deductions of transactions effective in two weeks.

Obi frowned at the move, saying it is further putting the citizens in a precarious state and eroding whatever is remaining in the capital of business owners in the country

He said: “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 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.”

He further questioned why the office of the National Sercurity Adviser, NSA became a revenue collection centre.

“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? ”