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Peter Obi blasts Tinubu over introduction of cybersecurity levy

Published

8 months ago

May 8, 2024

Former presidential candidate of the Labour Party, LP, Mr Peter Obi, has slammed President Bola Tinubu’s government for the imposition of the cybersecurity levy on Nigerians.

The former Governor of Anambra State disclosed this on Wednesday via a post on his X handle, and wondered when the office of the National Security Adviser (NSA) became a revenue centre.

Obi accused the government of milking a dying economy instead of nurturing it to recovery and growth.

According to him, the imposition of a Cybersecurity Levy on Nigerians will further erode whatever is left of their remaining capital after the impact of the Naira devaluation and high inflation rate.

The former presidential candidate said it was unthinkable to expect the suffering citizens to separately fund all activities of the government.

Expressing displeasure at the policy, Obi noted that the Tinubu-led administration implements policies that not only impoverish the citizens but also make the country’s economic environment less competitive.

He pointed out that putting the burden of Cyber-Security Levy on Nigerians will further erode whatever is left of their remaining capital after the impact of the Naira devaluation and high inflation rate.

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.

“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?”