‘Government’s Priority is Draining a Weakening Economy,’ Obi Criticizes Cybersecurity Levy

Peter Obi, the former presidential candidate of the Labour Party (LP), has expressed disapproval towards the Federal Government regarding the implementation of the 0.5 percent cyber security levy.

This reaction from Obi follows the criticism by the Nigeria Labour Congress (NLC), which labeled the cyber security levy introduced by the Central Bank of Nigeria (CBN) as an additional burden on the Nigerian populace.

The circular issued to financial institutions by the apex bank stated that the levy would be enforced within two weeks from May 6, leading to widespread discontent among Nigerians and civil society groups, prompting the NLC to demand its reversal.

NLC President Joe Ajaero highlighted that such deductions directly impact the disposable income of workers and further reduce the purchasing power of ordinary citizens, emphasizing the negative consequences of the levy.

In a statement on his social media account, Obi criticized the levy as another form of taxation on the struggling masses, pointing out that it would further deplete the capital of businesses and hinder economic recovery and growth in Nigeria.