The presidential candidate of the Labour Party, in the 2023 general election, Peter Obi, criticized the newly introduced cyber security levy by the President Bola Tinubu-led Federal Government, branding it as excessive taxation.
He asserted that the tax represents a misguided approach and is aimed at squeezing resources from an already struggling economy.
The former Anambra State governor conveyed these sentiments through a series of tweets on his verified social media handle on Wednesday. He lamented that instead of nurturing economic recovery and expansion, the current administration is intensifying the tax burden on Nigerians who are already grappling with significant economic challenges.
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.
“At a time when the government should be reducing taxes to curb inflation, the government is instead introducing new taxes. And when did the office of the NSA become a revenue-collecting center?
“And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?”