The Nigeria Labour Congress (NLC) strongly denounces the recent directive issued by the Central Bank of Nigeria (CBN) to impose a 0.005 percent Cybersecurity Levy on electronic transfers. This levy, set to be deducted at transaction origination, adds yet another burden to the already strained finances of hardworking Nigerians.
The directive, outlined in a circular by the CBN, mandates banks and payment service operators to implement these deductions within the next two weeks. While purportedly aimed at enhancing cybersecurity measures, this levy threatens to further exacerbate the financial hardship experienced by the populace.
The NLC acknowledges the importance of cybersecurity in today’s digital landscape. However, imposing such a levy on electronic transactions without considering its implications for workers and vulnerable segments of society is unjustifiable. This levy represents an additional tax burden on Nigerians, adding to their financial woes.
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They perceive this levy as another ploy by the ruling elite to extort and exploit workers and the masses, while benefiting their cronies in the financial sector. They further urge the government to prioritize the welfare of Nigerian workers and the masses in its policy decisions, rather than pursuing profit-seeking agendas that place undue pressure on the people.
Furthermore, while interbank transfers and loan transactions have been exempted from this levy, its broader impact on everyday transactions cannot be ignored. Such deductions directly impact workers’ disposable income and further erode the purchasing power of ordinary citizens. Additionally, the threat of fines for non-compliance adds further pressure on financial institutions, potentially leading to increased costs for consumers and exacerbating inflation.
They call on the Federal Government to reconsider these directives and focus on policies that alleviate the financial burdens of Nigerians. They also advocate for a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not excessively burden the populace. It is imperative that the government provides relief to Nigerians who are already grappling with economic challenges.
The Nigeria Labour Congress remains committed to advocating for the rights and welfare of Nigerian workers and masses. They demand an immediate halt to the implementation of this burdensome directive on the Cybersecurity Levy by the CBN.
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