NLC rejects cybersecurity levy

Nigeria Labour Congress (NLC), has rejected the recently introduced cybersecurity levy introduced by the Central Bank of Nigeria (CBN).

The CBN had on Tuesday introduced  a 0.5 per cent ‘Cybersecurity Levy’ on electronic transfers.

The NLC in a statement by its President, Comrade Joe Ajaero lamented that the levy was another anti-people policy of the President Bola Ahmed Tinubu-led government amid excruciating economic hardship and therefore demanded its immediate withdrawal.

The NLC stressed that the levy to be implemented by deduction at the transaction origination, is yet another burden on the shoulders of hardworking Nigerians.

The NLC noted that in a circular issued by the CBN, the directive mandated banks and payment service operators to affect these deductions effective next two weeks.

It stressed; “This move, ostensibly aimed at bolstering cybersecurity measures, threatens to exacerbate the financial strain already faced by the populace.”

The CBN on Monday, ordered banks operating in the country to start charging a cybersecurity levy on transactions.

A circular from the apex bank which was directed to all commercial banks, among others, disclosed that the implementation of the levy would start two weeks from today.

The circular explained that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.