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Cybersecurity Levy: TUC Slams NASS, Threatens Nationwide Shutdown

Thursday 9 May 2024

The Trade Union Congress has berated the National Assembly over the controversial cybersecurity levy recently introduced by the Central Bank of Nigeria.

INFORMATION NIGERIA reports that the union also vowed to shutdown the economy if the Federal Government fails to cancel the bank’s charges.

In a statement signed by its President, Festus Osifo, on Wednesday, TUC slammed the directive by the CBN to banks imposing a 0.5 per cent cybersecurity levy on all electronic transactions.

The union said it is disturbing that since the arrival of the President Bola Tinubu-led administration, government policies have brought pain, anguish and sorrow to Nigerians.

The statement partly read, “The Trade Union Congress of Nigeria (TUC) has received with a rude shock the recent directive by the Central Bank of Nigeria (CBN) in a circular to banks imposing a 0.5 per cent cybersecurity levy on almost all electronic transactions.

READ MORE: Hardship: NLC Rejects New CBN Charges Fee On Bank Deposits, Demands Immediate Withdrawal

“It is indeed illogical that this is coming at a time when Nigerians are grappling with the high cost of living that is imposed by the devaluation of the Naira, hyper hike in the cost of Petrol, supersonic increment in the cost of electricity tariff, etc.

“We are quite disturbed that since the inception of this administration, its policies have brought pain, anguish and sorrow to Nigerians. Whereas a bank account holder in Nigeria today is currently charged stamp duty, transfer fee, VAT on transfer fee, and all forms of account maintenance levies by both government and the banks; this burden seems not to be enough as the government is poised to inflict further pain on the already battered Nigerians.

“The National Assembly which ought to be the bastion of democracy and the protector of the citizens often times engages in collusion with elements within the executive to exploit the people.

“How can such an obnoxious law see the light of day in a truly people-oriented legislative house? This is indeed a conspiracy of the oppressors against the masses and citizens of this country and it must be resisted by all well-meaning Nigerians.

“We call on the federal government to give a marching order to the Central Bank of Nigeria to immediately withdraw the circular and cancel the planned levy forthwith; failure of which we will be left with no option but to mobilize all our members, stakeholders and indeed the entire masses to embark on the immediate protest that would culminate into the total shutdown of the Nigerian economy as this is one exploitation too many.

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via: Information Nigeria

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