Naija Wahala
Peter Obi, the previous presidential candidate of the Labour Party, LP in the 2023 election, has voiced new opposition to the Central Bank of Nigeria’s (CBN) imposition of a cybersecurity levy, characterizing the measure as “milking a dying economy.”
He charged that rather than fostering the economy’s rehabilitation and growth, President Bola Tinubu was more interested in profiting from a collapsing economy.
Obi accused the administration of implementing policies that reduce the competitiveness of the nation’s economy in addition to impoverishing the populace.
He claims that following the effects of the Naira devaluation and high inflation rate, the implementation of a cybersecurity levy on Nigerians will further destroy what little capital they still have.
In a post on his X account on Wednesday, Obi leveled the charge and questioned when the National Security Adviser’s (NSA) office turned into a place to collect money.
According to the former governor of Anambra State, it is inconceivable to expect Nigeria’s suffering populace to pay for each and every government initiative on their own.
He added, “More evidence that the government is more interested in milking a dying economy than in fostering its recovery and growth is the introduction of yet another tax, in the form of the Cybersecurity Levy, on Nigerians who are already suffering from severe economic distress.”
This not only amounts to taxing banking transactions twice, as they are already subject to stamp duties and other taxes, but it also goes against the government’s professed goal of cutting back on taxes and streamlining the tax code.
The implementation of a Cybersecurity Levy on bank transactions is especially regrettable because it levies taxes on businesses’ trading capital rather than their profits, which will further erode their remaining capital following the devaluation of the Naira and a high rate of inflation.
It is unthinkable to think that Nigeria’s suffering populace would pay for every government initiative on their own.
Such policies reduce the competitiveness of the nation’s economy in addition to impoverishing the populace. “The government is imposing new taxes at a time when it ought to be lowering taxes to combat inflation.
And when did the NSA office turn into a place where money was collected? And why ought that to be limited to national security?
