Labour Party Presidential Candidate Slams Government’s Cybersecurity Levy as ‘Tax Overload’

Peter Obi, who represented the Labour Party in the 2023 general election, has strongly criticized the Federal Government’s latest move to introduce a cybersecurity levy, led by President Bola Tinubu, labeling it as excessive taxation.

In a series of tweets posted on Wednesday via his social media handle, the former Anambra State governor condemned the newly proposed tax, asserting that it is poorly conceived and aimed at extracting funds from a struggling economy.

Obi emphasized that instead of fostering economic recovery and growth, the current administration appears more focused on burdening Nigerian citizens with additional financial obligations amidst existing economic hardships.

Expressing his dismay, Obi stated, “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.”

He further criticized the levy on bank transactions, highlighting its detrimental impact on businesses’ trading capital, exacerbating the erosion of their remaining funds due to currency devaluation and high inflation rates.

Obi stressed the adverse effects of such policies, stating that they not only impoverish citizens but also diminish the country’s economic competitiveness.

Questioning the timing and rationale behind the government’s decision to introduce new taxes amid efforts to combat inflation, Obi raised concerns about the role of the National Security Advisor’s office in revenue collection, particularly in relation to the specific tax returns outlined in the cybersecurity legislation.