The recently introduced 0.5 per cent cybersecurity levy on all bank transactions has been rejected by the Coalition of Northern Groups, CNG.
A circular issued by the Central Bank of Nigeria, CBN, directed all types of banks to deduct the levy, starting two weeks from Monday, May 6, 2024.
In response, the CNG, through its National Coordinator, Comrade Jamilu Aliyu Charanchi, expressed disapproval, stating that the decision showcased the government’s lack of compassion towards Nigerians during economic hardships.
According to the group, the levy, akin to the removal of fuel subsidy and the sudden hike in electricity tariffs, reflects a heartless approach of extorting citizens, especially those already burdened by neoliberal exploitations.
They demanded the immediate withdrawal of the levy, citing the multiple existing charges in the banking sector like stamp duty, transfer fee, VAT, and SMS charges as additional burden on the populace.
While acknowledging the importance of cybersecurity, the group emphasized that such charges should be reasonable and justifiable, particularly in a country where the minimum wage is not fully implemented but excessive disposable income is reported for members of the National Assembly.