The Trade Union Congress (TUC) has issued a stern warning to the Federal Government, threatening to organize a widespread protest that would effectively shut down the Nigerian economy if the controversial cybersecurity levy recently introduced by the Central Bank of Nigeria (CBN) is not revoked. In a statement signed by its President, Festus Osifo, the TUC criticized the CBN’s directive imposing a 0.5 per cent cybersecurity levy on nearly all electronic transactions.
Denouncement of Levy
The TUC’s condemnation adds to the chorus of disapproval that has greeted the introduction of the levy. The union expressed bewilderment at the timing of the levy, amidst the already burdensome cost of living exacerbated by various economic challenges such as currency devaluation, soaring fuel prices, and steep electricity tariffs.
Government’s Policies Under Fire
Highlighting the cumulative burden on Nigerians, the TUC lamented the multiple taxes levied on bank account holders by both the government and financial institutions. The union also criticized the National Assembly for its perceived collusion with elements in the executive, facilitating policies that exploit rather than protect citizens.
Call for Immediate Action
Emphasizing the urgency of addressing pressing issues like the minimum wage, the TUC called on the Federal Government to direct the CBN to withdraw the circular imposing the cybersecurity levy and cancel the levy altogether. Failure to do so, warned the TUC, would prompt them to mobilize their members and stakeholders for a protest aimed at shutting down the Nigerian economy.
Statement Excerpt:
In a detailed statement, the TUC articulated its discontent with the cybersecurity levy, citing its detrimental impact on Nigerians’ already strained finances and its potential to exacerbate poverty and financial exclusion. The union demanded swift action from the government to alleviate the burdens imposed on citizens by what they deemed “exploitative” policies.
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Written By: Doris Chinwe Omemgbeoji