NLC REJECTS INTENDING CBN CYBERSECURITY LEVY

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The Central Bank of Nigeria (CBN) has proposed a cybersecurity levy on all electronic transactions, which the Nigeria Labour Congress (NLC) has called yet another tax on the country’s citizens.

The top bank said in a circular to several financial institutions—commercial, merchant, non-interest, and payment service banks—that the charge would take effect two weeks from May 6.

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The imposition of the levy has drawn harsh condemnation from civil society organisations and Nigerians in general.

The NLC President, Joe Ajaero, rejected the programme, claiming that it further reduced the purchasing power of average residents and had a direct impact on workers’ disposable income.

He said the directive is another gang up by the ruling elite, to continue its extortion and exploitation of helpless workers and the masses.

“The Nigeria Labour Congress recognises the importance of cybersecurity in today’s digital age,” the statement reads.

“However, imposing such a levy on electronic transactions without due consideration for its implications on workers and vulnerable segments of society is unjustifiable.

“This levy stands as another tax that is too much for Nigerians, burdening them with additional financial responsibilities.

“We see this levy as another gang-up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses.”

Ajaero lamented that domestic manufacturers and other businesses were already shuttering as a result of the stifling socio-economic environment.

“We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.

“We reiterate our commitment to championing the rights and welfare of Nigerian workers and the masses,” the NLC President said.