Mr. Peter Obi, the Labour Party’s 2023 presidential candidate, voiced strong opposition to the recent imposition of a cybersecurity levy by the Bola Tinubu-led government in Nigeria. He criticized the move, arguing that it would further strain the economy instead of fostering its recovery and growth.
The introduction of a 0.5% levy on bank transactions, with only a few exemptions, has sparked widespread criticism. Many have raised concerns about its management by the Office of the National Security Adviser (ONSA) as outlined in the Cybersecurity Act.
Obi denounced the government’s approach, stating that such policies exacerbate poverty and undermine the country’s economic competitiveness. He questioned the rationale behind imposing additional taxes on banking transactions, which are already subject to various other levies like stamp duties, further burdening citizens already grappling with economic challenges.
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.
— Peter Obi (@PeterObi) May 8, 2024
Moreover, Obi highlighted the detrimental impact of the cybersecurity levy on businesses, noting that it would deplete their trading capital, leaving them with even fewer resources amidst currency devaluation and high inflation rates.
He emphasized that expecting struggling citizens to bear the brunt of funding government activities is unreasonable and counterproductive. Such policies, according to Obi, not only impoverish the populace but also diminish the country’s economic viability.
Obi also raised concerns about the involvement of the NSA’s office in revenue collection, stressing its primary responsibility for national security. Additionally, he questioned the provision in the new cybersecurity law that directs proceeds from the levy to the NSA, urging for a reevaluation of the government’s taxation strategy.
