Labor's presidential candidate Peter Obi has slammed the introduction of a cybersecurity levy, arguing it will place further strain on an already moribund economy.
The Central Bank of Nigeria (CBN) on Monday ordered the introduction of a 0.5% tax on all electronic transaction amounts as part of efforts to stem the growing threat of cybercrime in the financial system.
Mr. Obi on Wednesday expressed deep concern over the government's decision on his X account, arguing that such policies will undermine the country's economic competitiveness while pushing its people further into poverty.
Mr. Obi stressed that the government is imposing an unjustified additional tax on Nigerians who are already facing severe economic hardship.
He highlighted the negative impact of cybersecurity taxes, noting that taxing trade funds could further exacerbate the financial strain on companies already reeling from the effects of weak currencies and high inflation rates.
“The introduction of yet another tax in the form of a cybersecurity levy on Nigerians who are already suffering severe economic hardship is a sign that the government will be exploiting a moribund economy rather than fostering recovery and growth. This is further evidence that there is interest,” Obi said. .
“Imposing cybersecurity tax on banking transactions is particularly sad given that this tax is imposed on trading capital and not on corporate profits. Therefore, the impact of Naira devaluation and high levels of The remaining capital will be further eroded by the 'inflation rate.
“It is unthinkable to expect suffering Nigerians to individually fund every activity of their government. Such policies not only impoverish the people but also make the country's economic environment less competitive.” Let me do it.
Mr. Obi questioned the rationale for placing the responsibility on the people to independently finance all government activities, especially at a time when inflation is rising, and the government introduces new taxes instead of cutting existing ones. He criticized the country's failure to alleviate economic pressure by doing so.
Mr. Obi questioned the role of the Office of the National Security Advisor in revenue collection and expressed concerns about transparency and accountability surrounding the use of cybersecurity funds.
Chioma Cal
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