Cybersecurity levy: Tinubu only interested in milking a dying economy – Peter Obi slams Presidency

Former presidential candidate of the Labour Party (LP), Peter Obi, has slammed President Bola Tinubu’s government for the imposition of the cybersecurity levy on Nigerians.

He said the government was interested in milking a dying economy instead of nurturing it to recovery.

Obi accused the administration of coming up with policies that not only impoverish the citizens but also make the economic environment less competitive.

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

In a post on his X handle on Wednesday, May 8, Obi questioned when the office of the National Security Adviser, NSA, has become a revenue collecting center.

The LP Presidential candidate said it was unthinkable to expect the suffering citizens of Nigeria to separately fund all activities of the government.

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 center?

“And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?”