Nigerians are speaking out on the burden of cybersecurity levy introduced by Tinubu administration. Peter Obi, the presidential candidate of the Labour Party, in the 2023 general election, said that the cybersecurity levy will increased the suffering of already poor Nigerians. Peter Obi said,
“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 high inflation rate.
“It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government.
“Policies such as this not only impoverish the citizens but make the country’s economic environment less competitive.,,,, (Read his full statement)
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