Cybersecurity Levy: Tinubu Administration Accused of Exploiting Weak Economy – Peter Obi
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Cybersecurity Levy: Tinubu Administration Accused of Exploiting Weak Economy – Peter Obi Obi has charged the government with introducing policies that impoverish citizens and diminish the nation's economic competitiveness. |
The Labour Party's presidential candidate in the 2023 elections, Mr. Peter Obi, has criticized President Bola Tinubu's administration for implementing the cybersecurity levy on Nigerians.
In a series of Wednesday posts on his X handle, he claimed the government's primary interest lies in exploiting a faltering economy rather than fostering its recovery and growth.
The new 0.5 percent levy on bank transactions, with limited exceptions, has faced broad disapproval. This levy is to be overseen by the Office of the National Security Adviser (ONSA), as stipulated in the Cybersecurity Act.
Obi has charged the government with introducing policies that impoverish citizens and diminish the nation's economic competitiveness.
He questioned the role of the ONSA as a revenue-generating entity.
Obi stated, "The imposition of an additional tax, known as the Cybersecurity Levy, on Nigerians already enduring significant economic hardship is further evidence of the government's focus on draining a struggling economy rather than aiding its revival and expansion.
"Not only does this represent redundant taxation on banking transactions, which are already taxed through various means including stamp duties, but it also contradicts the government's declared intention to consolidate and simplify the tax regime.
"The enforcement of a Cybersecurity Levy on bank transactions is particularly disheartening since it taxes the operational funds of businesses rather than their profits, which will only deplete their remaining capital further, following the Naira's devaluation and the high inflation rate.
"It's unreasonable to expect Nigeria's beleaguered citizens to independently finance all governmental functions. Such policies not only impoverish the populace but also render the nation's economic climate less competitive.
"In an era where the government should be lowering taxes to combat inflation, it is instead imposing new levies. Since when did the NSA's office become a revenue collection agency?
"And why is it that this office, dedicated solely to national security, is set to receive proceeds from a specific tax as outlined in the recent cybersecurity legislation?"
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