Peter Obi Blasts Tinubu Over Cybersecurity Levy, Says It Will Further Impoverish The People

Peter Obi, the Labour Party’s Presidential Candidate in the 2023 general election, has described the Federal Government’s newly implemented Cybersecurity LEVY as excessive taxes aimed at milking a dying economy.

Obi stated that instead of promoting economic recovery and growth, the government’s multiple taxation is more interested in imposing additional burdens on people who are already under severe economic stress.

On Wednesday morning, Obi wrote on his X handle that “the introduction of yet another tax, in the form of the 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 rather than nurturing it to recovery and growth.”

“This not only amounts to multiple taxation on banking transactions, which are already subject to a variety of other taxes, including stamp duties, but it also undermines the government’s stated commitment to reducing the number of taxes and streamlining the tax system.

“The imposition of a Cybersecurity Levy on bank transactions is particularly sad because the tax is levied on businesses’ trading capital rather than their profit, further eroding whatever capital remains after the impact of the Naira devaluation and high inflation rate. It is inconceivable that Nigeria’s suffering citizens will fund all government activities separately.

“Policies like this not only impoverish citizens but also reduce the country’s economic competitiveness.

“At a time when the government should be lowering taxes to combat inflation, it is instead imposing new taxes.” When did the NSA’s office become a revenue collection centre?

“And why should that purely national security office receive returns on a specific tax as outlined in the new cybersecurity legislation?”