Introduction of Cybersecurity Levy is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery

The Presidential candidate of Labour party in the 2023 general election, Peter Obi, has condemned the Federal government over the introduction of the Cybersecurity levy. 

In a statement released this morning May 8, Obi said the “introduction of Cybersecurity Levy is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.”

Obi argued that policies such as this is not only going to impoverish the citizens but will further make the country’s economic environment less competitive. 

The Central Bank of Nigeria on Monday, May 6 directed banks to start charging 0.5% cybersecurity levy on some transactions done by their customers. The apex bank stated that the policy will take effect in two weeks and that the monies accrued will be remitted to the National Cybersecurity Fund (NCF) which shall be administered by the Office of the National Security Adviser, Read here.

Obi in his statement said the office of the NSA has now become a revenue collecting center.

Read his statement below…