The former Governor of Anambra State, former Vice presidential candidate under PDP in 2019 and the 2023 presidential candidate under Labour Party, Mr. Peter Obi has condemned the new introduction of taxes by the CBN tagged Cyber security Tax.
Recall that the Central Bank Of Nigeria introduced a new tax where the government collects 0.005% from every #1000 transfers made.
According to a twitter user, This levy will affect everybody.
If you send N1,000
You will pay 5naira extra.
If you send N10,000
You will pay 50naira extra.
If you send N100,000
You will pay 500Naira extra.
If you send N1million
You will pay 5,000 extra.
If you send N10million
You will pay 50,000 extra.
Peter Obi urged the Government to be up and doing in helping the nation out of inflation instead of introducing more taxes.
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 andhigh 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 centre? And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law? -PO Peter Obi