‘Another burden on Nigerians’ — NLC rejects CBN’s cybersecurity levy on transactions

The Nigeria Labour Congress (NLC) has rejected the directive by the Central Bank of Nigeria (CBN) for all financial institutions to implement a 0.5 percent cybersecurity levy on all electronic transactions.

The new policy is expected to take effect in two weeks, according to a circular jointly signed by Chibuzor Efobi, CBN’s director of payments system management, and Haruna Mustafa, director of financial policy and regulation.

In a statement on Tuesday, Joe Ajaero, NLC president, said the congress condemned the directive, describing it as “another burden on the shoulders of hardworking Nigerians”.

“The Nigeria Labour Congress recognises the importance of cybersecurity in today’s digital age,” the statement reads.

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

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

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

Ajaero said such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.

He lamented that domestic manufacturers and other businesses were already shuttering as a result of the stifling socio-economic environment.

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

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