The presidential candidate of the Labour Party, in the 2023 general election, Peter Obi, has described the newly introduced cyber security levy by the President Bola Tinubu-led Federal Government, as one tax too many.
Expressing his concerns on Twitter, the former Anambra State governor highlighted the detrimental impact of the new tax on Nigerians facing severe economic hardships. He criticized the government’s approach, stating that instead of fostering economic recovery and growth, it chooses to impose additional financial burdens on citizens.
Obi argued that the cybersecurity levy, imposed on bank transactions, adds to the already existing taxes on banking activities, such as stamp duties, further straining businesses and individuals. He emphasized that such policies contradict the government’s pledge to streamline the tax system and reduce the tax burden on citizens.
Furthermore, Obi raised questions about the rationale behind taxing trading capital, which could further deplete businesses’ already diminished capital, exacerbated by currency devaluation and high inflation rates.
New Cybersecurity Levy in Nigeria: Key Details
He emphasized that expecting citizens to fund all government activities separately is unreasonable and ultimately impoverishes them, while also making the country’s economic environment less competitive.
Obi criticized the timing of introducing new taxes, particularly amidst efforts to combat inflation, and questioned the involvement of the National Security Agency (NSA) in revenue collection, as outlined in the cybersecurity law.
His remarks underscore the growing concerns among stakeholders regarding the government’s taxation policies and their implications for economic recovery and citizen welfare.
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