The Labour Party presidential candidate in the 2023 election, Peter Obi, has faulted the Federal Government over the new cybersecurity levy directive issued by the Central Bank of Nigeria (CBN)
CBN had issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.
This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024. The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”
In a statement via his X handle on Wednesday, Peter Obi asserted that introducing the Cybersecurity Levy at a time when Nigerians are faced with severe economic distress shows the FG is more interested in milking a dying economy instead of nurturing it to recovery and growth.
The former Governor of Anambra State noted that the Cybersecurity Levy also negates the Government’s avowed commitment to reducing taxes and streamlining the tax system.
Peter Obi added that policies such as the Cybersecurity Levy impoverish citizens and make the country’s economic environment less competitive.
