Cybersecurity levy: Peter Obi hits FG, says policy drives citizens into poverty, diminishes country

“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 wrote.

“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?” he asked.

Recall that the Central Bank of Nigeria, CBN, on May 6,directed banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers.