Peter Obi Confronts Tinubu on New CBN Cybersecurity Levy

iexclusivenews – In a bold confrontation, Peter Obi has questioned the rationale behind the newly introduced Cybersecurity Levy by the Central Bank of Nigeria (CBN), which imposes an additional financial burden on the already economically strained citizens of Nigeria.

This levy represents a further strain on an economy struggling to stabilize and grow, suggesting a governmental focus on revenue generation over economic nurturing.

The Burden of Multiple Taxation

The Cybersecurity Levy is not just another tax; it’s a compound tax that adds to the multitude of existing taxes on banking transactions, including stamp duties.

This move contradicts the government’s previous promises to simplify the tax system and reduce the tax burden on Nigerians, raising concerns about the commitment to these pledges.

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Impact on Business Capital and Competitiveness

The levy’s impact extends beyond mere taxation; it directly affects the trading capital of businesses, not their profits.

In an economy already reeling from Naira devaluation and soaring inflation rates, this additional levy could significantly diminish the remaining capital of businesses.

Such fiscal policies not only deplete the wealth of citizens but also jeopardize Nigeria’s standing as a competitive economic environment.

Questioning the Role of National Security in Revenue Generation

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.

— Peter Obi (@PeterObi) May 8, 2024

The involvement of the National Security Adviser’s office in revenue collection, as stipulated by the new cybersecurity legislation, has sparked a debate.

The allocation of specific tax returns to a department traditionally focused on national security raises questions about the appropriateness and transparency of such a decision.

Peter Obi‘s stance brings to light the critical issues surrounding the new Cybersecurity Levy and its implications for Nigeria’s economic landscape.

His challenge to Tinubu is a call for a re-evaluation of the government’s approach to taxation and economic recovery.