Politics

Cybersecurity Levy Will Further Impoverish Nigerians – Peter Obi

Mr Peter Obi, the National Leader of the Party (LP) has said the newly introduced cybersecurity levy by the Federal Government will further impoverish the people.

Obi in a post on his X handle on Wednesday, argued that instead of nurturing the recovery and growth of the economy, the government is heaping more burden on the people who are already suffering severe economic stress.

“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,” he stated.

The former Anambra State governor decried multiple taxation on banking transactions, noting that the banking public is already subjected to various other taxes including stamp duties.

“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,” Obi further stated.

He regretted that at a time when the government should be reducing taxes to curb inflation, the same government is introducing new taxes, and wondered when the office of the NSA had become a revenue-collecting centre.

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