Saturday, June 15, 2024
Saturday, June 15, 2024

NLC Rejects CBN’s New Cybersecurity Levy

Date:

The Nigeria Labour Congress (NLC) has rejected the 0.5 (0.005) percent Cybersecurity Levy on electronic transfers introduced by the Central Bank of Nigeria (CBN).

The CBN had in a memo directed banks and payment service operators to effect the deductions effective in two weeks.

In a statement issued on Tuesday by its President, Joe Ajaero, the NLC warned that the move aimed at bolstering cybersecurity measures would worsen the financial strain already faced by the citizens.

The union condemned the directives and therefore called for immediate reversal of the policy.

The statement read: “The Nigeria Labour Congress recognizes the importance of cybersecurity in today’s digital age.

“However, imposing such a levy on electronic transactions, without due consideration for its implications on workers and the vulnerable segments of society, is unjustifiable.

“This levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities.

“We see in this levy as another gang up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses.”

The NLC, therefore, urged the Federal Government to reconsider the directives and prioritize policies that alleviate the financial burdens of Nigerians.

“We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.

“We reiterate our commitment to championing the rights and welfare of Nigerian workers and masses,” the statement added.

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