In response to the implementation of the cybersecurity levy on Nigerian citizens, Mr. Peter Obi, the Labour Party’s 2023 presidential candidate, has criticized the leadership of Bola Tinubu.
He argued that the government’s decision to enforce a cybersecurity levy is detrimental to the economy and impedes its recovery and growth.
The levy, set at 0.5% on bank transactions with few exemptions, has sparked significant backlash, with many questioning its administration by the Office of the National Security Adviser as stipulated in the Cybersecurity Act.
Obi condemned the government, alleging that its policies not only exacerbated poverty among the populace but also diminished the country’s economic competitiveness.
He raised concerns about the role of the ONSA in revenue collection.
Obi, speaking through X, stated, “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 extracting resources from a struggling economy rather than nurturing it towards recovery and development.
“This not only constitutes double taxation on banking transactions, which already incur various other taxes such as stamp duties, but it contradicts the government’s stated commitment to reducing the tax burden and simplifying the tax system.
“The imposition of a Cybersecurity Levy on bank transactions is particularly concerning as it targets the trading capital of businesses rather than their profits; thus, it will further deplete whatever remains of their capital following the effects of Naira devaluation and high inflation rates.”
