Presidential Candidate of the Labour Party (LP) in the 2023 general election, Peter Obi, shares his perspective on the newly introduced Cybersecurity levy [/b]by the President Bola Tinubu-led Federal Government.
Obi views this levy as excessive taxation, expressing concerns about its potential impact on the public.
The Central Bank of Nigeria recently mandated banks to impose a 0.5% cybersecurity levy on transactions, starting two weeks after the announcement, as per a circular issued by the apex bank to all banking institutions.
This directive aligns with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015, following previous correspondences dating back to June 25, 2018, and October 5, 2018.
Reacting to this development, Peter Obi criticized the levy, describing it as ill-conceived and aimed at extracting revenue from an already struggling economy.
Obi conveyed his thoughts via a series of tweets on his X handle, highlighting the detrimental impact of multiple taxation on Nigerians, especially amid economic challenges.
He emphasized that such policies impoverish citizens and diminish the country's economic competitiveness, questioning the necessity of introducing new taxes at a time when reducing taxes could help alleviate inflationary pressures.
Furthermore, he raised concerns about the allocation of revenue collected through this levy, particularly questioning why the Office of the National Security Adviser (NSA) would be involved in revenue collection as stated in the new cybersecurity law.
