NewStats: 3,259,802 , 8,170,930 topics. Date: Monday, 26 May 2025 at 04:08 AM 1y171g

The presidential candidate of the Labour Party in the 2023 general elections, Peter Obi, has decried the newly introduced Cyber security Levy by the President Bola Tinubu-led Nigerian government.

Obi said the taxes the current istration of Tinubu had imposed on Nigerians are too many and aimed at milking a dying economy.

SaharaReporters reported on May 7, that the Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions.

The apex bank gave the directive in a circular dated May 6, 2024 addressed to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to be remitted to the National Cybersecurity Fund (NCF), which shall be istered by the Office of the National Security Adviser (ONSA),” the circular partly read.

CBN, however, noted that the implementation of the levy would start two weeks from the date of the circular.

“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 with the narration, ‘Cybersecurity Levy’.

However, reacting to the new tax imposition on Nigerians, on his official social media page, the former Anambra State Governor, said instead of nurturing the recovery and growth of the economy, the government by its multiple taxation is more interested in heaping more burden on the people who are already suffering severe economic stress.

Obi wrote: "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?"

https://saharareporters.com/2024/05/08/when-did-office-national-security-adviser-become-revenue-collector-peter-obi-queries

Soon Tinubu will start taxing mad people for roaming on the street

Tinubu is failure and failure is Tinubu. Never believed in my wildest imagination anybody would be worse than buhari. A working country is what the Agbado pigs hate…they will soon come here and start blaming Peter Obi for pointing out such an anomaly that can never happen even in a war thorn countries governments like Palestine and co . Anybody that ed Tinubu is totally cursed

I've said this severally. The only thing keeping Tinubu in power and preventing an organic nation wide protest is tribalism and religion.

Yourbas wouldn't want to protest against their own. They'd rather suffer and starve to death. Same with the north. They're more interested in Muslims holding power than Nigeria moving forward.

So the country would keep bleeding and everyone would grumble in silence and adjust to the suffering. They won't speak out because they don't want to make their tribe or religion look bad.

This is the billion dollar question every sensible person should be asking now!

They just want to create a slush fund for ONSA to mismanage on top of the billions of budgetary allocations it spends with zero ability.

Every sensible Nigerian agrees with Obi on this including that comedian with a dead carrier called Seyi Law agrees with Obi ….

It’s only Reno and FFK that agrees with FG Because they are hustlers like FG too

Reactor 😆..BITTER OBI!







..head of twitter government of REACTION.

One will think he was one good when he was given opportunity to lead,packaged fraud and hypocrite!

There have been some misteps in revenue drive by this istration.

As much as possible, the istration must engage stakeholders before rolling out some policies. They can leak the idea to the press to gauge public mood before rolling them out.

If they exhaust engagement, the likes of Obi and Atiku won't be able to find things to challenge and the istration won't suffer the ignominy of making reversals. Very soon, the media would chronicle the reversals.

At this time, President Tinubu does not seem to have a Chief Economic Adviser. Buhari operated without one until he set up an economic advisory body at the dying days of his istration that could not remedy the Buhari mess.

President Tinubu, you need an economic advisor now. Someone who fully understands development economics. We also need to stop the craze for FDIs and needless junketing that bring no useful results until we fix our internal issues. No one will invest in the current climate of flip flop policies.

Banks are declaring profits that we cannot seem to justify. The guy in Ministry of Steel says he needs $2billion dollars to fix Ajaokuta Steel Mill. Can't our banks or a consortium thereof declaring strange profits finance these deals and can't we find local technology to revitalize that place? If we don't have the technology, how about hiring internstional consultants to teach our engineers?

Also, why is Akpabio complaining about illegal mining and foreigners making more money than Nigeria? Its like the National Security Adviser openly complaining that security is getting worse. What are we doing there?

Can't we also get the stupendously wealthy to mine our resources for us? Why is Dangote not involved in mining? The guy in BUA, Tony Elumelu? Must we bring in foreigners to mine our resources? Does that not create a security problem?

I hear that local politicians, religious leaders and thugs connive with the foreigners to illegally steal our resources. The Chinese, Lebanese and francophone West African nationals are the worst culprits. Who has been jailed or deported?

President Tinubu, Nigeria is bleeding on all fronts. Crude oil theft is rampant. Let us find ways to plug these leakages and let government revenue get to the government and be used for public good.

I see no reason why someone stealing our crude oil or illegally mining our resources is alive. Wipe them off the face of the earth and show no sympathy, whoever they are.

Finally, it is not right to want to put more pressure on the citizens right now. The government needs to talk to itself too.

We need financial restructuring.

Under the Tinubu calamitous regime, the Office of the NSA left their core job of analyzing security issues and assessing expected trends. Playing an advisory role and making recommendations to the President on issues of national security to become a revenue collector.

When you vote and employ touts.

Thunder should fire the fool that ordered the implementation of that nonsense levy.

Bunch of wicked APC Ebola Tinubulators.

I agree with Obi on this.

Ok

Tinubu that can Tax dead men for using coffins

What do you expect when the same Tinubu said this....

"if we reduce the purchasing power of the people,we can further slow down the economy......"

The shocking part was that his benighted audience were applauding him.....smh

Soonest, Tinubu government will start charging us for surviving the present hardship cause by his government.

F

Mtcheew

Help me ask them oooo

Chai! God 'safe' us!

Ask them sir
Them just dey use agbado miscreants dey play

Obi reacts to everything and that is why he's not taken seriously.

If you react to indiscretion from your wife, she won't take you serious. She'll see you as a "sissy"

Pandora is a very weak sissy

My only happiness is that the Yoruba people from the south west of Nigeria will not be paying this taxes.

Those ing Tinubu and calling Peter obi names for standing with the masses and doing check and balances that suppose to be done by the national assembly will one-day regret their actions and hatred they have for Peter.
I saw Donald Duke and Bruce Ben going to take pictures on 1km road of coastal way.
That road will end only within Southwest zone and they will shift it to incoming government after them.
The incoming government won't be able to fund it and it will become abandoned project.

Time will tell who truly love Nigeria

The Media is the power of the people

Bunch of thieves

You go ask questions tired.

Sebi you be busy body

Kaycee9242:
Soon Tinubu will start taxing mad people for roaming on the street

Again, I am sure if the “mad people “ you are referring to are guaranteed that the money will not be looted, they won’t mind paying because their job involves too many “field trips”.