The Nigeria Labour Congress (NLC) has voiced its strong opposition to the recent directive issued by the Central Bank of Nigeria (CBN) imposing a 0.5 per cent cybersecurity levy on electronic transfers. NLC President Joe Ajaero conveyed the organization’s stance in a statement released to the press on Tuesday in Abuja.
Ajaero’s statement came in response to a circular issued by the CBN, instructing banks and payment service providers to implement the levy within a two-week timeframe. The CBN asserted that the measure aimed to bolster cybersecurity measures but has been met with resistance from the NLC.
The NLC condemned the directive, emphasizing its detrimental impact on the financial well-being of Nigerians, particularly the working class and vulnerable segments of society. Ajaero called for an immediate halt and reversal of the policy, denouncing it as an unjustifiable burden on hardworking Nigerians.
While acknowledging the importance of cybersecurity in the digital age, Ajaero criticized the levy as yet another tax burden on Nigerians, exacerbating their financial strain. He highlighted the levy’s adverse effects on disposable income and purchasing power, noting its broader implications on everyday transactions.
Despite the CBN’s exemption of interbank transfers and loan transactions from the levy, Ajaero emphasized the levy’s detrimental impact on domestic manufacturers and businesses already grappling with a stifling socioeconomic environment.
Ajaero called on the Federal Government to reconsider the directive, urging the prioritization of policies aimed at alleviating the financial burdens of Nigerians. He advocated for collaborative efforts between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not disproportionately burden the populace.
In reaffirming its commitment to championing the rights and welfare of Nigerian workers and the masses, the NLC underscored the importance of addressing cybersecurity concerns while safeguarding the interests of the citizenry.
