WRITTEN BY:CHIOMA MADONNA NDUKWU
Peter Obi, the Labour Party presidential candidate from the 2023 election, criticized the Federal Government for implementing a new cybersecurity levy through the Central Bank of Nigeria (CBN).
The levy, set at 0.5% on all electronic transactions, is mandated by the recently amended Cybercrime Act of 2024. Obi argues that introducing such a levy during a period of economic hardship demonstrates the government’s priority of extracting funds from a struggling economy rather than fostering its recovery and development.
He asserts that this levy contradicts the government’s pledge to reduce taxes and simplify the tax system, further impoverishing citizens and diminishing the country’s competitiveness. Obi questions the rationale behind taxing trading capital, emphasizes the burden on businesses, and criticizes the diversion of funds from a national security office.
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