The Labour Party Presidential Candidate in the 2023 general election, Peter Obi has described the newly introduced Cyber security LEVY by the Federal Government as taxes too many and aimed at milking a dying economy.
Obi said that instead of nurturing the recovery and growth of the economy, the government by its multiple taxation is more interested in heaping more burden on the people who are already suffering severe economic stress.
Writing on his X handle on Wednesday morning Obi said that “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 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?”