Cybersecurity Levy Intended to Exploit a Failing Economy, Says Peter Obi

Peter Obi, the Presidential Candidate of the Labour Party (LP) in the 2023 general election, has expressed his opinion on the newly introduced Cybersecurity levy by the President Bola Tinubu-led Federal Government.

Obi believes that this levy is one tax too many and finds the implementation excessive and raises concerns about its impact on the public. Recall that the Central Bank of Nigeria on Monday directed banks to begin charging a 0.5% cybersecurity levy on transactions.

A circular released by the apex bank said the implementation of the levy would begin two weeks from the day of its announcement. The circular was directed to all commercial, merchant, non-interest, and payment service banks.

The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), in compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

Peter Obi in his reaction to this, noted that the tax is ill-conceived and designed to milk a dying economy.