The presidential candidate of the Labour Party in the 2023 general elections, Peter Obi, has lambasted the federal government for the additional tax burden on Nigerians.
Mr Obi, who was reacting to the introduction of a 0.5 cybersecurity levy by the Central Bank of Nigeria, said the government is only interested in milking a dying economy instead of nurturing it to recovery and growth.”
On May 7, the Central Bank of Nigeria, CBN, has directed deposit money banks in the country to start charging a 0.5% cybersecurity levy on certain transactions.
But in a thread on his X handle on Wednesday, Mr Obi berated the President for coming up with policies that not only impoverished the citizens but also made the country’s economic environment less competitive.
He 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 and 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.”
The former Anambra State governor also queried the collection of revenue by the office of the National Security Adviser, NSA.
“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 centre?,
“And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?,” he asked.
