NLC CALLS FOR AN IMMEDIATE STOPPAGE OF THE IMPLEMENTATION OF CBN’s DIRECTIVE ON THE CYBER SECURITY LEVY 08-05-24
By Sadiq Aminu In a statement, President of the Nigeria Labour Congress, Comrade Joe Ajaero says the levy is yet another burden on the shoulders of hardworking Nigerians.
Comrade Ajaero calls on the Federal Government to reconsider the recent directive by the Central Bank of Nigeria (CBN) to introduce 0.5 percent Cybersecurity Levy on electronic transfers.
In a circular issued by the CBN, the directive mandates banks and payment service operators to affect these deductions, effective next two weeks. This move, aimed at bolstering cybersecurity measures, threatens the financial strain already faced by the populace.
The President of NLC who appreciated the initiative, says imposing such levy on electronic transactions, without considering its implications on workers and the vulnerable segments of society, is unjustifiable.
He says the levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities.
‘’The CBN has exempted interbank transfers and loans transactions from this levy, the broader impact on everyday transactions cannot be overlooked. Such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen’’. Comrade Ajaero stated.
Comrade Ajaero urges the federal government to create a business-friendly environment to encourage greater investments in the economy.
The Nigeria Labour Congress calls on the Federal Government to prioritize policies that alleviate the financial burdens of Nigerians.