Peter Obi knocks Tinubu, CBN over cybersecurity levy | read details 


Peter Obi knocks Tinubu, CBN over cybersecurity levy | read details 


Former presidential candidate of the Labour Party, LP, Mr Peter Obi, has knocked President Bola Tinubu’s adminstration for the imposition of the cybersecurity levy on Nigerians who are *already suffering severe economic distress.”

Trustbase News had reported that the Central Bank of Nigeria, CBN directed banks and othrr financial institutions to deduct 0.05% from customers for every electronic transactions.

Reacting to the directive, Obi via his X handle on Wednesday, 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 already suffering severe economic distress is further 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?”