The Presidential candidate of the Labour Party, LP, in the 2023 general elections, Mr Peter Obi, has described the imposition of cybersecurity levy by Bola Tinubu led administration as an act of insensitivity, adding that it amount to multiple taxation on banking transactions on Nigerians who were already subjected to various taxes.
Mr Obi on Wednesday in a series of posts on his X handle accused the government of only interested in milking a dying economy instead of nurturing it to recovery and growth.
Obi said the government penchant for introducing policies that not only impoverished the citizens but made the country’s economic environment less competitive, is one of the reasons for the persistent economic crisis.
He wondered when the office of the National Security Adviser, ONSA , has became a revenue collecting centre. “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.
“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.
“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?”
