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| TUC Threatens Shutdown Over Cybersecurity Levy - Android Pols |
Mr. Festus Osifo, the union's President, expressed concern about the timing of this plan. Nigerians are already grappling with a high cost of living, exacerbated by factors such as the devaluation of the Naira, soaring petrol prices, and steep electricity tariffs.
The Trade Union Congress of Nigeria (TUC) has issued a warning that it may shut down the economy due to the proposed implementation of a 0.5% cybersecurity levy on electronic transactions. The TUC is urging the Federal Government to direct the Central Bank of Nigeria (CBN) to withdraw its directive to financial institutions to avoid the impending shutdown.
Mr. Festus Osifo, the union's President, expressed concern about the timing of this plan. Nigerians are already grappling with a high cost of living, exacerbated by factors such as the devaluation of the Naira, soaring petrol prices, and steep electricity tariffs. The burden on bank account holders includes stamp duty charges, transfer fees, and VAT on transfer fees, imposed by both the government and banks. Despite these existing challenges, the government's decision to introduce an additional cybersecurity levy is seen as illogical and further detrimental to the already struggling population.
Osifo emphasized that many of the government's policies have caused pain and hardship for Nigerians. Businesses are also feeling the impact, with some even shutting down due to an unfriendly business environment. The union leader expressed fears that this move could lead people to hoard cash at home, reduce financial inclusion, and exacerbate poverty.
In light of these concerns, Osifo called for urgent discussions around the minimum wage, rather than implementing policies that further reduce the disposable income of the masses.
(Source: NAN)
