In a scathing remark, Mr. Peter Obi, the former presidential candidate of the Labour Party, has condemned President Bola Tinubu’s government’s decision to implement a cybersecurity levy on Nigerians.
He expressed his belief that the government is more focused on depleting a struggling economy rather than fostering its recovery and development.
Obi accused the government of introducing policies that not only deepen poverty among citizens but also diminish the country’s economic competitiveness.
He highlighted that the enforcement of a Cybersecurity Levy on Nigerians would only further deplete their diminishing capital, already impacted by the devaluation of the Naira and soaring inflation rates.
In a social media post on Wednesday, Obi questioned the rationale behind transforming the office of the National Security Adviser (NSA) into a revenue-generating entity.
The former governor of Anambra State emphasized the absurdity of placing the financial burden of all government activities on the shoulders of the suffering Nigerian populace.
Obi voiced his concerns, stating, “By introducing the Cybersecurity Levy, the government is displaying its inclination towards exploiting a fragile economy instead of fostering its rehabilitation and progress.”
He added, “This action not only leads to excessive taxation on banking transactions, which are already subjected to various levies like stamp duties, but also contradicts the government’s pledge to streamline tax systems and reduce the tax burden.”
Commenting on the impact of the Cybersecurity Levy on business entities, Obi remarked that by taxing their trading capital instead of profits, the government is further diminishing their financial reserves after the blows of Naira depreciation and high inflation.
He emphasized that expecting the already struggling citizens of Nigeria to single-handedly finance all governmental operations is illogical and unjust. Such policies, according to Obi, not only exacerbate poverty but also hinder the country’s economic competitiveness.
Obi criticized the government’s decision to introduce new taxes instead of reducing existing ones during a period where tax reductions could aid in curtailing inflation.
Raising questions, he queried, “Since when did the office of the NSA become a revenue collection platform? And why is this core national security entity benefiting from a specific tax under the new cybersecurity legislation?”