CYBER SECURITY LEVY: DESIGNED TO MILK DYING ECONOMY, WILL PUSH MORE NIGERIANS INTO POVERTY

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By Ajape Sefiu A.

The newly imposed cyber security levy by the President Bola Tinubu-led Federal Government has been characterized as one tax too many by Peter Obi, the Labour Party’s presidential candidate in the general election of 2023.

He pointed out that the tax is misguided and intended to prop up a collapsing economy.

This was stated by the former governor of Anambra State in a string of tweets on his X account on Wednesday.

He claims that the current administration, with its numerous taxes, is more concerned in adding to the already heavy financial burdens already placed on Nigerians than in fostering the country’s economy back to health and growth.

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Obi said, “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.

“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.

“Policies such as this not only impoverish the citizens but 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 center?

“And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?”