Peter Obi, the former Labour Party presidential candidate, has criticized President Bola Tinubu’s administration for introducing the cybersecurity levy, which he views as an exploitative measure against Nigerians.
Obi argues that the government’s focus appears to be on extracting resources from an already struggling economy rather than fostering its recovery and growth.
He contends that the government’s policies are impoverishing citizens and diminishing the competitiveness of Nigeria’s economic environment.
Obi believes that the new Cybersecurity Levy will only exacerbate the financial strain on Nigerians, who are already grappling with the effects of Naira devaluation and high inflation.
In a recent social media post, Obi expressed his bewilderment at the transformation of the National Security Adviser’s office into a revenue collection agency.
The ex-governor of Anambra State finds it unreasonable to expect the beleaguered citizens of Nigeria to bear the financial burden of all government activities. He advocates for a more supportive approach that does not further strain the populace.
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?”
