- By Halimah Olamide
“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,”
The presidential candidate of the Labour Party in the last general election Mr. Peter Obi on Wednesday told President Bola Tinubu it is insensitive to introduce new taxes at this time.
Obi said this is the time the government should be reducing what the citizens pay to lessen the burden of economic hardships.
In a tweet via his verified X handle on Wednesday, Obi said the new tax shows that the Tinubu administration is only interested in milking the economy.
“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 wrote
He said the new tax amounts to multiple taxation on banking transactions, which he stated are already subject to various other taxes including stamp duties.
Obi said this the new tax negates the Government’s 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.
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 also queried why the national security office receive returns on a specific tax as stated in the new cybersecurity law.