The recent order by the Central Bank of Nigeria (CBN) of a 0.5% cybersecurity levy on electronic transfers has been met with rejection by the Nigeria Labour Congress (NLC).
ALSO READ: Terrorism: ECOWAS aims to raise $2.4bn to fund a standby force to counter terrorism
According to a statement made by the NLC President, Joe Ajaero, the organization vehemently condemns the directive issued by the CBN and has called for an immediate stoppage and reversal of the policy.
The CBN had issued a circular mandating banks and payment service operators to effect the deductions within two weeks, ostensibly aimed at bolstering cybersecurity measures. However, this move threatens to exacerbate the financial strain already faced by the populace.
Ajaero further stated that the levy, which is to be implemented by deduction at transaction origination, is yet another burden on the shoulders of hardworking Nigerians.
The NLC is of the view that this policy is unfair, and will only serve to impede the growth of electronic transactions in the country.
The NLC has therefore called on the CBN to revisit the policy and work towards a more equitable solution that would not only enhance cybersecurity but also promote financial inclusion in Nigeria.
“The Nigeria Labour Congress recognises the importance of cybersecurity in today’s digital age.
“However, imposing such a levy on electronic transactions without due consideration for its implications on workers and vulnerable segments of society is unjustifiable.
“This levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities. We see this levy as another gang-up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses,” he said.
He explained that while the CBN had exempted interbank transfers and loan transactions from the levy, the broader impact on everyday transactions would not be overlooked.
Ajaero further stated that such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.
The NLC president also noted that domestic manufacturers and other businesses were already shuttering as a result of the stifling socioeconomic environment.
He added that, yet, instead of creating a business-friendly environment to encourage greater investments in the economy, the opposite seems to be what is being practised.
Ajaero called on the Federal Government to reconsider the directives and prioritise policies that alleviate the financial burdens of Nigerians.
“We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.
“We reiterate our commitment to championing the rights and welfare of Nigerian workers and the masses,” he said.
 of a 0.5% cybersecurity levy on electronic transfers has been met with rejection by the Nigeria){kind=link}