Former presidential candidate of the Labour Party, Peter Obi, has condemned the new cybersecurity levy of 0.5% introduced by President Tinubu’s administration.
Obi said the new cybersecurity levy showed Tinubu is not interested in growing and nurturing Nigeria’s dying economy but milking it.
The former governor of Anambra State said Nigerians who are already suffering economic distress caused by President Tinubu, through his poor economic policies since inauguration on May 29, 2023, should not be imposed another tax.
“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,” Obi said.
He said contrary to the government’s promise to reduce multiple taxation of Nigerians and corporate bodies, the new cybersecurity levy for the office of the National Security Adviser, headed by Nuhu Ribadu, showed lack of concern for the citizens from the government.
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He said, “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.”
Obi further argued that the office of the National Security Adviser had no need for special tax to combat cybercrime, stating “when did the office of the NSA become a revenue collecting center.
“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?” Obi questioned.