The Trade Union Congress of Nigeria (TUC) has strongly condemned the recent directive by the Central Bank of Nigeria (CBN) imposing a 0.5 per cent cybersecurity levy on electronic transactions.
In a statement issued by TUC President, Festus Osifo, the union expressed dismay over the policy, labelling it as illogical and burdensome for Nigerians already grappling with economic challenges.
Osifo highlighted the significant financial burdens already faced by Nigerians, including high living costs due to currency devaluation, soaring petrol prices, electricity tariff hikes, and various taxes.
”The introduction of the cybersecurity levy adds further strain to an already burdened populace, especially given existing charges such as stamp duty, transfer fees, VAT, and account maintenance levies,” he stated.
The TUC called on the Federal Government to instruct the CBN to withdraw the circular and abandon the proposed levy immediately.
Failure to do so, the TUC warned, would result in mass mobilization and protests to shut down the Nigerian economy.
Osifo emphasized that Nigerians have endured enough hardships and deserve relief from further exploitation.
Furthermore, the TUC criticized the National Assembly for allegedly colluding with the executive to enact exploitative policies, rather than safeguarding the interests of the citizens.
The union questioned the necessity of the cybersecurity levy, citing financial analysts’ estimates of its substantial revenue generation potential and its potential negative impact on financial inclusion and poverty levels.
The TUC also emphasized the urgent need for the government to prioritize discussions on the minimum wage and address the pressing concerns of the citizens, ”rather than implementing policies that further diminish disposable income and exacerbate the hardships faced by Nigerians.”
