Cybersecurity Levy: NLC States Its Demands

The Nigeria Labour Congress (NLC) has stated its position on the controversial issue of cybersecurity levy just introduced by the Central bank of Nigeria (CBN).

The CBN had, in a circular, directed that all financial institutions impose a 0.5% cybersecurity tax on every electronic transaction.

But reacting in a statement on Tuesday, the NLC stated its opposition to the levy.

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Its President, Joe Ajaero echoed the opinion of some people who had already spoken up on the cybersecurity levy, describing it as  “an additional burden on hardworking Nigerians.”

He thus called for its reversal in the collective interest of Nigerians, for the reason that it would mean additional financial burden.

“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 that is 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.

“The Nigeria Labour Congress calls on the Federal Government to reconsider these 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.” Ajaero said.

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The Eagle reports that the CBN had, on Monday via a circular, directed banks to deduct cyber security levy, which it said, would be administered by the office of the National Security Adviser (NSA).

The deduction is to cover all electronic transactions for onward transmission to the National Cyber Security Fund, which would be administered by the office of the NSA.

So much discontent has followed since after.