Cybersecurity Levy: Tinubu Is More Interested In Milking A Dying Economy – Peter Obi

The presidential candidate of the Labour Party (LP), Peter Obi has strongly criticized the decision of President Bola Tinubu‘s government to introduce a cybersecurity levy.

On May 6, the Central Bank of Nigeria (CBN) instructed banks and financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers, slated to take effect in two weeks.

According to CBN, the levy aims to bolster the national cybersecurity fund, overseen by the Office of the National Security Adviser (ONSA).

Reacting to the development on his Twitter page, Peter Obi claimed that such policies worsen poverty and weaken Nigeria’s economic competitiveness.

He said the “introduction of Cybersecurity Levy is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.”

The LP presidential candidate emphasized the impracticality of expecting citizens to finance all government activities individually, especially amidst economic hardship.

Obi particularly criticized the imposition of the cybersecurity levy on bank transactions, noting its impact on businesses’ trading capital.

The former Anambra state governor argued that this levy, coupled with currency devaluation and high inflation rates, further depletes businesses’ resources.

He questioned the rationale behind introducing new taxes instead of alleviating existing economic pressures and raised concerns about the office of the NSA collecting revenue from a specific tax, questioning its alignment with national security objectives.

“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,” Obi said.

“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?

KanyiDaily recalls that Peter Obi recently criticized the recent raid on bureaux de change in Abuja, where several operators were apprehended, labeling it as a misplaced priority.