• News - North Central - FCT
  • Updated: May 08, 2024

Cybersecurity levy: Peter Obi knocks FG, NSA

Cybersecurity levy: Peter Obi knocks FG, NSA

The candidate of the Labour Party in the 2023 presidential election, Peter Obi, has condemned the newly introduced cyber security levy, noting that it would negatively affect the economy.

Obi in a statement released by his spokesperson, Yunusa Tanko on Wednesday in Awka maintained that the focus should shift to nurturing and fully recovering the economy as multiple taxation with the many challenges in the nation would worsen the economy.

He lamented that the National Security Adviser, NSA, should not be a revenue collecting centre for the country, adding that the cyber levy which was on the trading capital of businesses and not on their profit would further erode capital.

The former Governor of Anambra state said this does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes including stamp duties.

“But this negates the commitment to reduce the number of taxes and streamline the tax system. The levy is on the trading capital of businesses and not on their profit.

“Hence, this will further erode whatever is left of their remaining capital, after the impact of the naira devaluation high inflation rate,” he said.

The former Anambra governor said that policies such as this, would not only impoverish the citizens but make the country’s economic environment less competitive.

He stressed that at a time like this, government should be reducing taxes to curb inflation and economic challenges.

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