The Nigeria Labour Congress (NLC) has strongly opposed the recent directive by the Central Bank of Nigeria (CBN) imposing a 0.5 percent Cybersecurity Levy on electronic transfers.
NLC President, Mr. Joe Ajaero, conveyed the NLC’s stance in a statement released to the press in Abuja on Tuesday.
Ajaero’s response came after the CBN issued a circular instructing banks and payment service operators to implement the levy within two weeks, purportedly to enhance cybersecurity measures but seen by NLC as exacerbating financial strain on the populace.
The NLC vehemently condemned the directive, calling for its immediate cessation and reversal. Ajaero argued that the levy, deducted at transaction origination, unfairly burdens hardworking Nigerians.
While acknowledging the importance of cybersecurity, NLC deemed the levy unjustifiable, especially without adequate consideration for its impact on workers and vulnerable groups.
Ajaero criticized the levy as another imposition on already financially strained citizens, viewing it as part of a broader pattern of exploitation by the ruling elite.
Despite exemptions for interbank transfers and loans, NLC stressed the levy’s adverse effects on everyday transactions, diminishing workers’ disposable income and weakening purchasing power.
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Ajaero highlighted the challenges faced by domestic manufacturers and businesses due to the current socioeconomic environment, urging the government to prioritize policies that ease financial burdens on Nigerians and foster a more conducive business environment.
He called for collaborative efforts among the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not excessively burden the populace, reaffirming NLC’s commitment to advocating for the rights and welfare of Nigerian workers and citizens.
