The Nigeria Labour Congress (NLC) has vehemently rejected the planned cybersecurity levy introduced by the Central Bank of Nigeria (CBN) on all electronic transactions, describing it as “extortion and exploitation”
According to a circular issued to various financial institutions, the levy is set to come into effect in two weeks from May 6, sparking widespread criticism among Nigerians and civil society organisations.
NLC President, Joe Ajaero, said the levy would directly affect the disposable income of workers and further diminish the purchasing power of citizens. “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 vulnerable segments of society is unjustifiable.” He said.
Ajaero lamented that domestic manufacturers and other businesses were already shuttering due to the stifling socio-economic environment. “We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.”
The NLC President rejected the levy as “another tax that is too much for Nigerians, burdening them with additional financial responsibilities”. He stated, “We see this levy as another gang-up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses.”
Ajaero reiterated the NLC’s commitment to championing the rights and welfare of Nigerian workers and the masses, saying, “We reiterate our commitment to championing the rights and welfare of Nigerian workers and the masses.”
