You Cannot Tax Unemployed Nigerians Already Suffering Severe Economic Hardship — Peter Obi Tackles FG 

You Cannot Tax Unemployed Nigerians Already Suffering Severe Economic Hardship — Peter Obi Tackles FG 

Peter Obi strongly criticized the Federal government’s move to implement a Cybersecurity Levy on bank transactions, as report gathered.

The circular issued by the Central Bank of Nigeria (CBN) mandating banks to begin charging this levy within two weeks has drawn significant backlash.

The CBN’s directive referred back to previous circulars and letters, citing compliance requirements with the Cybercrimes (Prohibition, Prevention, etc.) Act 2015 and a recent push by the National Security Adviser for stricter enforcement of Nigeria’s cybercrime legislation.

In his response, Obi, through an official statement on his verified X account, condemned the government’s decision.

He argued that imposing a Cybersecurity Levy on a population already grappling with economic hardships is a clear indication that the government is focused on extracting funds from a struggling economy rather than implementing policies to revive it.

His statements read : “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? -PO”