Former Labour Party presidential candidate in the 2023 general elections, Peter Obi, has criticised the Federal Government over the implementation of the cybersecurity Levy.
Gatekeepers News reports that Obi in a statement on his X handle lamented the prioritisation of revenue generation over efforts to revive and expand the struggling economy.
He wrote: “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 and high inflation rate.
“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?”
