Peter Obi and Daniel Bwala give their verdict on the newly introduced cybersecurity levy

Former spokesperson for the Atiku/Okowa Presidential Campaign Organisation, Daniel Bwala, has encouraged Nigerians to embrace President Tinubu’s administration policies.

He made this statement shortly after the federal government announced the cybersecurity levy on transactions by the Federal Government on Monday, May 6, 2024.

The Central Bank of Nigeria had previously instructed all banks to impose a 0.5 percent cybersecurity levy on all electronic transactions which will begin in two weeks.

A statement released stated, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’,” it said.

During an interview on Channels Television on Wednesday, May 8, 2024, Bwala empahsised that President Tinubu is not insensitive to the challenges faced by Nigerians, expressing that hardships are temporary.

“It depends on who is assessing; what is the motive behind the assessment. Just like we would have water in the bottle, someone says it is half full another says it half empty. But what we should be generally looking at are the numbers. Also looking at the context and perspective from which we look at things.

“Nobody, I think, is in doubt about the fact that when the President took that hard decision, which is a necessary decision, it is not a convenient decision, that there must be a temporary hardship; there must be a period like period of childbirth; there must be a period of inconveniences; there must be a period of personal sacrifices.

“When you are confronted with a period like that, what is required of you is adjustment, because they say trouble doesn’t always last. You will not be in that situation forever. But you will need to adjust. This is the basis of life.”

“I don’t think the President is denying the fact that this is a period in the lives of Nigerian people where things are hard. He has said it over and over again,” he said.

Meanwhile, Peter Obi, the 2023 presidential candidate of the Labour Party, expressed concerns about the cybersecurity levy, stating that it is one tax too many.

He believes it is unrealistic to expect the already suffering citizens of Nigeria to fund all government activities separately.

“The introduction of yet another tax, in the form of Cybersecurity Levy, on Nigerians who are already suffering severe economic distress is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.

“This does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes including stamp duties but negates the Government’s avowed commitment to reduce the number of taxes and streamline the tax system.

“The imposition of a Cybersecurity Levy on bank transactions is particularly sad given that the tax is on the trading capital of businesses and not on their profit hence will further erode whatever is left of their remaining capital, after the impact of the Naira devaluation high inflation rate.

“It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government.

“Policies such as this not only impoverish the citizens but make the country’s economic environment less competitive.

“At a time when the government should be reducing taxes to curb inflation, the government is instead introducing new taxes. And when did the office of the NSA become a revenue-collecting center?

“And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?”