Cybersecurity levy: Tinubu govt only interested in impoverishing Nigerians, milking dying economy – Peter Obi

• Obi said the Tinubu’s government priority is not to revive and grow the ailing economy but to milk it.

Former presidential candidate of the Labour Party, LP, Mr Peter Obi, says the newly-introduced cybersecurity levy by the Tinubu government will further tank the ailing Nigerian economy and put more burden on struggling citizens.

Obi said the Tinubu’s government priority is not to revive and grow the ailing economy but to milk it.

Obi stated that it’s a misnomer to expect largely impoverished and suffering citizens to bear the cost of all government activities.

He accused the government of coming up with policies that will drive away investors and make the country’s economic environment less competitive.

According to him, the imposition of a Cybersecurity Levy on Nigerians will further erode whatever is left of their remaining capital after the impact of the Naira devaluation and high inflation rate.

He noted that the levy ran counter to the promise made by the Tinubu’s government to reduce the number of taxes Nigerians pay.

In a post on his X handle on Wednesday, Obi questioned when the office of the National Security Adviser, NSA, has become a revenue collecting centre.

He 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 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.

“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?”