Coalition of Northern Groups reject cybersecurity levy

The Coalition of Northern Groups, CNG, has rejected the newly introduced 0.5 per cent cybersecurity levy to be charged on all bank transactions.

DAILY POST reports that the Central Bank of Nigeria, CBN, had on Monday issued a circular to all commercial, merchant, non-interest and payment service banks, among others, directing them to deduct the levy.

The apex bank said the implementation of the levy, which shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution, would start two weeks from Monday, May 6, 2024

But CNG, while reacting to the development in a statement by its National Coordinator, Comrade Jamilu Aliyu Charanchi, said the decision “exemplified the Federal Government’s lack of compassion and empathy to the plight of Nigerians in the face of the current economic hardship”.

They therefore, demanded the immediate withdrawal of the levy.

“It is a crass heartlessness that is a sequel to fuel subsidy removal which now made fuel above N1000 per liter and the electricity tariff abrupt soaring that is tantamount to another daily-light extortion in the offing by the government that came to being through democratic processes.”

The group described the policy as totally unacceptable extortion that is callously being burdened on Nigerians that are already suffering from neoliberal exploitations through the government’s thoughtlessness to the plight of the downtrodden.

“We believe that this additional charge is completely unjustifiable as Nigerians are already being fleeced through collection of stamp duty, transfer fee, VAT, and SMS charges in the Nigerian banking sector.

“While we concur that securing our cyber space is paramount, that can only be justified as a corollary to the stabilization of the economy and improvement of the standard of living of Nigerians. Even at that, the current 0.5% percent is quite exorbitant in a country that has not fully implemented N30, 000 minimum wage but has reportedly raised the disposal income of the members of the National Assembly,” the group added.