Expressing strong opposition, the Nigeria Labour Congress (NLC) has rejected the recent directive by the Central Bank of Nigeria (CBN) imposing a 0.5 percent cybersecurity levy on electronic transfers.
In a statement released in Abuja on Tuesday, NLC President Joe Ajaero conveyed the union’s stance on the matter.
The CBN’s circular, instructing banks and payment service operators to implement the deduction within two weeks, prompted the NLC’s response.
Describing the levy as potentially intensifying the financial burdens on the populace, Ajaero criticized the CBN’s move.
He strongly denounced the directive and demanded an immediate halt and reversal of the policy, highlighting that the levy adds to the financial strains faced by hardworking Nigerians.
While acknowledging the importance of cybersecurity in the digital era, Ajaero deemed the imposition of such a levy on electronic transactions without regard for its impact on workers and vulnerable groups unjustifiable.
Characterizing the levy as excessive taxation on Nigerians, Ajaero criticized it as part of a broader trend of exploitation of workers and the masses by the ruling elite.
Noting that the CBN exempted interbank transfers and loan transactions from the levy, Ajaero emphasized the broader implications on everyday transactions.
He pointed out that such deductions reduce workers’ disposable income and weaken the purchasing power of ordinary citizens.
Highlighting the adverse impact on domestic manufacturers and businesses, Ajaero criticized the stifling socioeconomic environment that is leading to closures.
Instead of fostering a business-friendly climate to attract investments, Ajaero lamented that current practices seem to be doing the opposite.
He urged the Federal Government to reconsider the directives and focus on policies that lessen the financial burdens on Nigerians.
Emphasizing the need for collaborative efforts among the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures without overburdening the populace, Ajaero reiterated the NLC’s dedication to advocating for the rights and welfare of Nigerian workers and the general public.