NLC rejects CBN’s cybersecurity levy

Date:

May 7, 2024.

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Azonuchechi Chukwu.

The Nigeria Labour Congress (NLC) has rejected the recent directive by the Central Bank of Nigeria (CBN) of 0.5 (0.005) per cent Cybersecurity Levy on electronic transfers.

Mr Joe Ajaero, NLC President stated the NLC position in a statement made available to newsmen on Tuesday in Abuja.

Ajaero was reacting to a recent circular issued by the CBN, mandating banks and payment service operators to effect the deductions, effective in two weeks.

The CBN has said that the move, ‘ostensibly aimed at bolstering cybersecurity measures, threatens to exacerbate the financial strain already faced by the populace’.

Ajaero said the NLC vehemently condemned the directives and therefore called for immediate stoppage and reversal of the policy.

According to him, this levy, to be implemented by deduction at the transaction origination, is yet another burden on the shoulders of hardworking Nigerians.

“The Nigeria Labour Congress recognises the importance of cybersecurity in today’s digital age.

“However, imposing such a levy on electronic transactions, without due consideration for its implications on workers and the vulnerable segments of society, is unjustifiable.

“This levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities.

“We see in this levy as another gang up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses,”he said.

He noted that while the CBN had exempted interbank transfers and loans transactions from the levy, the broader impact on everyday transactions would not be overlooked.

He added that such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.

The NLC president also noted that domestic manufacturers and other businesses were already shuttering as a result of the stifling socioeconomic environment.

He added that, yet, instead of creating a business-friendly environment to encourage greater investments in the economy, the opposite seems to be what is being practised.

Ajaero therefore, called on the Federal Government to reconsider the directives and prioritise policies that alleviate the financial burdens of Nigerians.

“We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.

“We reiterate our commitment to championing the rights and welfare of Nigerian workers and masses,”he said.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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