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The Trade Union Congress (TUC) has threatened to shut down Nigeria’s economy if the Federal Government fails to reverse the cybersecurity levy introduced by the Central Bank of Nigeria.
The CBN had directed commercial banks and other financial institutions to start charging a cybersecurity levy on banking transactions.
According to the CBN circular, the deduction of the levy is expected to begin before the end of May.
Reacting to the controversial development, the congress in a statement signed by its president, Festus Osifo, on Wednesday, May 8, 2024, slammed the CBN for imposing a 0.5% cybersecurity levy “at a time when Nigerians are grappling with the high cost of living.”
The TUC highlighted the devaluation of the naira, the hike in the cost of petrol, and the recent increase in electricity tariff as some of the economic hardships Nigerians are currently dealing with.
The union said it is illogical for the CBN to introduce a new levy while Nigerians are already dealing with multiple taxation from banks and the government.
The statement read in part, “The Trade Union Congress of Nigeria (TUC) has received with a rude shock the recent directive by the Central Bank of Nigeria (CBN) in a circular to banks imposing a 0.5% cybersecurity levy on almost all electronic transactions. It is indeed illogical that this is coming at a time when Nigerians are grappling with the high cost of living that is imposed by the devaluation of the Naira, hyper hike in the cost of Petrol, supersonic increment in the cost of electricity tariff, etc.”
The union said the policies of the Bola Tinubu government have brought pain, sorrow, and anguish to Nigerians since his administration started.
“We are quite disturbed that since the inception of this administration, its policies have brought pain, anguish and sorrow to Nigerians. Whereas a bank account holder in Nigeria today is currently charged stamp duty, transfer fee, VAT on transfer fee, and all forms of account maintenance levies by both government and the banks; this burden seems not to be enough as the government is poised to inflict further pain on the already battered Nigerians,” the union said.
The TUC continued, “So many policies of this government are not only imposing hardship on the downtrodden Nigerians but also businesses, as some of them are shutting down because of the unfriendly business environment.”
The union also slammed the National Assembly, accusing it of colluding “with elements within the executive to exploit the people.”
Describing the introduction of the levy as a conspiracy of the oppressors against the masses, the union said the levy must be resisted by all well-meaning Nigerians.
"We call on the federal government to give a marching order to the Central Bank of Nigeria to immediately withdraw the circular and cancel the planned levy forthwith; failure of which we will be left with no option but to mobilize all our members, stakeholders and indeed the entire masses to embark on the immediate protest that would culminate into the total shutdown of the Nigerian economy," the TUC threatened.