Cybersecurity levy: ‘FG milking a dying economy’ — Peter Obi

Peter Obi

THE newly imposed cybersecurity levy by the Federal Government has been criticized by Peter Obi, the presidential candidate of the Labour Party for the general election of 2023, as too many taxes intended to prop up a collapsing economy.

Peter Obi stated that the government's varied taxing policies are more focused on adding to the already significant financial stress experienced by the populace than they are on promoting economic growth and recovery.

The implementation of yet another tax, the Cybersecurity Levy, on Nigerians who are already experiencing great economic pain is additional indication that the government is more interested in milking the people for more money, Obi stated in a post via his X Twitter on Wednesday.

“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,” stated Obi in a post published on his X handle on Wednesday.

“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 high inflation rate. It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government.”

In addition to making Nigerians poorer, the former governor of Anambra State continued, such policies would also 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?”