THE organised Labour, including the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), has rejected the recent imposition of 0.5 (0.005) per cent Cybersecurity Levy on electronic transfers by the Central Bank of Nigeria (CBN).
President of the NLC, Mr Joe Ajaero, in a statement in Abuja said the NLC vehemently condemned the directives and therefore called for a reversal of the policy, saying the levy is yet another burden on the shoulders of hardworking Nigerians.
He stated: “The NLC 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 the vulnerable segments of society is unjustifiable.
“This levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities.
“We see in this levy as another gang up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses.”
Ajaero said even though the CBN had exempted interbank transfers and loans transactions from the levy, the broader impact on everyday transactions would not be overlooked, as such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.
The NLC president also stated that domestic manufacturers and other businesses were already suffocated by the stifling socioeconomic environment, but instead of creating a business-friendly environment to encourage greater investments in the economy, the opposite seems to be what is being practised.
He, therefore, urged the Federal Government to reconsider the directives and prioritise policies that alleviate the financial burdens of Nigerians, adding: “We urge a collaborative approach between the government, regulatory bodies and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.
“We reiterate our commitment to championing the rights and welfare of Nigerian workers and masses.”
On its part, TUC described the levy as a vexatious extortion of the masses that should not be allowed to stand.
It criticised the President Bola Tinubu administration for initiating policies that have brought pain, anguish and sorrow to Nigerians and gave the federal government an ultimatum to order the CBN to immediately withdraw the circular and cancel the levy.
The TUC threatened that if the planned implementation of the levy was not cancelled, it would have no other option than to mobilise all its members, stakeholders and the entire masses for a protest that would climax in a total shutdown of the economy.
In a statement signed by its President, Mr. Festus Osifo, the TUC alleged that so many policies of the current government were not only imposing hardship on downtrodden Nigerians, but also businesses, as some of them had shut down because of the unfriendly business environment.
In the statement, titled, ‘Cybersecurity Levy: This Extortion is Vexatious and will not stand,’ TUC said it was shocked by news of the levy, adding: “It is, indeed, illogical that this is coming at a time 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.
“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.”
While accusing the National Assembly of not being alive to its responsibilities, alleging that the federal lawmakers conspired with those exploiting the masses to inflict more pain on them, TUC stated: “The National Assembly that ought to be the bastion of democracy and the protector of the citizens oftentimes engages in collusion with elements within the executive to exploit the people.
“How can such obnoxious law see the light of day in a truly people-oriented legislative house? This is indeed, a conspiracy of the oppressors against the masses and citizens of this country, and it must be resisted by all well-meaning Nigerians.
“Financial analysts have done a preliminary estimate, using the 2023 online transfer volume in Nigeria that fell within these categories, and put the value at over N2trillion. What kind of cybercrime are we fighting with this humongous amount of money?
“This ugly development will further encourage people to hoard cash at home, reduce financial inclusion, increase poverty and exacerbate the misery index.
“The cost of living is at an all-time high, food inflation is biting, all contributing to the miserability of Nigerians. This act is viewed as a deliberate plot to continue to drain Nigerians of their hard-earned money, and we kick against this vehemently.
“This is one exploitation too many. Enough is enough. Nigerians must breathe! This extortion must stop.”
