CBN Cyber security levy, another heartless policy of Tinubu’s Govt – PRP

By Tunde Opalana

The Peoples Redemption Party (PRP) has condemned the Central Bank of Nigeria’s (CBN) recent directive to impose a 0.5% cybersecurity levy on electronic transfers.

The party said I production of the levy is ill-timed and insensitive policy, set to be implemented within the next two weeks.

The PRP in a statement Tuesday by it’s spokesperson, Comrade Muhammed Ishaq said the imposition “will only serve to exacerbate the financial woes of Nigerian citizens who are already grappling with economic hardship”.

According to the party, the new levy “will have a disproportionate impact on the most vulnerable sections of society, including hardworking individuals, families, and small business owners. It is particularly distressing to note that the funds collected will directly benefit the National Security Adviser’s office without any obligation for transparency or accountability in the utilization of these funds.

“The PRP questions the rationale behind this policy, as it appears to be yet another instance of the government extracting additional resources from its citizens without providing any tangible benefits in return.

“The ongoing struggles of Nigerians, including skyrocketing food inflation, fuel scarcity, depreciating currency, and general insecurity, make it clear that the imposition of this levy is heartless, callous and unjust.”

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The party called upon the CBN and the Federal Government “to immediately rescind this policy and instead focus on implementing measures that genuinely address the pressing concerns of the citizens. The PRP urges the authorities to prioritize policies that promote economic growth, job creation, and equitable distribution of resources rather than imposing additional burdens on an already overburdened populace.

“The PRP demands that the CBN immediately retracts this misguided directive and seeks alternative, more inclusive solutions to safeguard the financial well-being of Nigerians.”

The party reiterated that it stand in solidarity with the citizens of Nigeria and remain committed to fighting for a fairer and more prosperous future for all.