The Coalition of Northern Groups (CNG) vehemently opposes the Central Bank of Nigeria’s (CBN) proposal to implement a 0.5% cybersecurity levy on electronic transactions across the Nigerian banking system.
According to Comrade Jamilu Charanchi, the National Coordinator of the CNG, this levy, slated to take effect in the next two weeks, epitomizes the Federal Government’s disregard for the struggles of Nigerians amidst the current economic challenges.
Describing it as “heartless,” the CNG views this move as another form of extortion, akin to the recent fuel subsidy removal that has driven fuel prices above N1000 per litre and the sudden surge in electricity tariffs.
The group condemns this policy as unjustifiable, especially considering the burdens already placed on Nigerians through stamp duty, transfer fees, VAT, and SMS charges in the banking sector.
While acknowledging the importance of cybersecurity, the CNG asserts that such measures should only be introduced alongside efforts to stabilize the economy and improve the standard of living.
The current levy rate of 0.5% is deemed excessive, particularly in a country where the minimum wage of N30,000 has not been fully implemented, yet members of the National Assembly reportedly enjoy increased disposable income.
Highlighting the lack of transparency surrounding funds collected through stamp duty in recent years, the CNG denounces the CBN’s decision as a potential breeding ground for corruption. The group laments that successive government policies have deprived Nigerians of essential benefits in healthcare, education, fuel subsidy, and agriculture, pushing millions into unbearable living conditions.
In light of these concerns, the CNG demands an immediate reversal of the CBN’s decision, urging the national banker to provide detailed explanations of all stamp duty charges accrued over the past decade.
The group calls for a reconsideration of the cybersecurity levy and urges the exploration of alternative solutions that do not further burden struggling Nigerians or cater to the whims of capitalist institutions.
