Cyber-Security Levy: Tinubu Government Intensified in Milking Dying Economy – Obi

The Labour Party presidential candidate in the 2023 general elections Peter Obi, has criticised President Tinubu’s administration for introducing a Cyber-Security Levy on Nigerians, which he deemed unreasonable given the country’s economic struggles.

Obi said the present government is more interested in milking a dying economy instead of nurturing it to recovery and growth.

The former Anambra State governor also criticized the Tinubu-led administration for enforcing policies that not only hurt the citizens financially but also undermined the country’s competitiveness in the economic environment.

Obi made this known in a statement shared on his X handle on Wednesday, wondering when the National Security Adviser became a revenue collecting centre.

The statement read, “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.

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“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.

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“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 centre? And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?.”