Northern groups reject CBN''s cybersecurity levy

Within Nigeria May 8, 2024

The Coalition of Northern Groups (CNG) has criticized the Central Bank of Nigeria’s (CBN) proposal to introduce a 0.5% cybersecurity levy on electronic transactions, calling it “draconian” and “totally unacceptable”.

The CNG in a statement argues that the levy will unfairly burden the masses, who are already struggling economically. The group believes the government has failed to show compassion and empathy for Nigerians, who are facing hardships in accessing basic necessities like healthcare, education, and fuel subsidy.

The CNG demands that the CBN reverse the decision, citing the need to alleviate the economic suffering of millions of Nigerians.

The statement reads in part, “The Coalition of Northern Groups (CNG) strongly rejects the proposed imposition of a 0.5% cyber security levy on every electronic transaction in the Nigerian banking system by the Central Bank of Nigeria (CBN).

“This levy, which is expected to be effective within the next two weeks, exemplified the federal government’s lack of compassion and empathy to the plight of Nigerians in the face of the current economic hardship.

“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 CNG describes 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 CNG recalls that hundreds of billions of naira had been collected and pillaged through stamp duty alone in the last few years without transparent and accountable explanation to Nigerians by the apex bank.

“Therefore, this CBNs pronouncement, which is capable of becoming another cesspool of corruption, is wholly and roundly rejected, condemned and censured by all and sundry that have the country and its people at heart.

“We regret that the government had already lstrangled the people from any derivable benefit in healthcare, education, fuel subsidy and agriculture to the point that millions of Nigerians cannot afford decent living in whatever form.

It, therefore, called on the CBN to immediately reverse this draconian and unilateral decision that unjustifiably imposes extra burden on the masses amidst crunching economic circumstances.

“Furthermore, we call on the national banker as a matter of principle and transparency, in lieu of further depleting the lean resources of struggling but resilient Nigerians, to provide detailed explanation of all the stamp duty charges accrued from the banks in the last 10 years.

“Therefore, we counsel the CBN to reconsider this ill-conceived policy and explore alternative solutions that do not further extend Nigerians to the dictates of capitalist institutions, it added.

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