Cybersecurity levy: Obi accuses Nigerian govt of milking a dying economy

Fresh opposition has trailed the imposition of cybersecurity levy by the Central Bank of Nigeria (CBN) from former presidential candidate of the Labour Party, LP in the 2023 Presidential election, Peter Obi who described the move as milking a dying economy.

He accused the president, Bola Tinubu of being interested in milking a dying economy instead of nurturing it to recovery and growth.

Obi accused the government of coming up with policies that not only impoverish the citizens but also make the country’s economic environment less competitive.

According to him, the imposition of a Cybersecurity Levy on Nigerians will further erode whatever is left of their remaining capital after the impact of the Naira devaluation and high inflation rate.

Obi made the accusation in a post on his X handle on Wednesday, questioning when the office of the National Security Adviser (NSA) became a revenue collecting centre.

The former Anambra State governor said it was unthinkable to expect the suffering citizens of Nigeria to separately fund all activities of the government.

READ ALSO:Bank customers to now pay cybersecurity levy on transactions

He wrote “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.

“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?”

By: Babajide Okeowo

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