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

Joe Ajaero, NLC president, stated the congress’ position in a statement made available to journalists on Tuesday in Abuja.

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

The CBN had mandated banks and payment service operators to effect the deductions, effective in two weeks, saying the move, “ostensibly aimed at bolstering cybersecurity measures, threatens to exacerbate the financial strain already faced by the populace.”

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

“The Nigeria Labour Congress recognises the importance of cybersecurity in today’s digital age,” said Mr Ajaero. “However, imposing such a levy on electronic transactions, without due consideration for its implications on workers and the vulnerable segments of society, is unjustifiable.”

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

The NLC president also noted that domestic manufacturers and other businesses were already shuttering due to 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.

Mr Ajaero called on the federal government to reconsider the directives and prioritise policies that alleviate Nigeria’s financial burdens.

“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. 

(NAN)