CyberSecurity Levy: When Did National Security Adviser Office Turn To Tax Collector? ~ Peter Obi Queries CyberSecurity Levy
CyberSecurity Levy: When Did National Security Adviser Office Turn To Tax Collector? ~ Peter Obi Queries CyberSecurity Levy
CyberSecurity Levy: When Did National Security Adviser Office Turn To Tax Collector? ~ Peter Obi Queries CyberSecurity Levy
And when did the office of the NSA become a revenue collecting centre…
Mr Peter Obi, former governor of Anambra State and Labour Party Presidential candidate in 2023 general election, has joined the chorus of dissenting voices, lambasting the government for its decision to impose yet another tax on already struggling Nigerians.
According to Obi, the introduction of the Cybersecurity Levy is “further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.”
He argued that the new tax, which amounts to multiple taxation on banking transactions, negates the government’s commitment to reduce the number of taxes and streamline the tax system.
Some commentators agreed that, Obi’s criticism is valid, given that the Cybersecurity Levy is a regressive tax that will disproportionately affect low-income earners and small businesses.
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Some argue that, the tax is levied on bank transactions, which are already subject to various other taxes, including stamp duties. This means that Nigerians will be paying multiple taxes on the same transactions, further eroding their already dwindling disposable income.
Moreover, the Cybersecurity Levy is a tax on the trading capital of businesses, not their profit. This means that businesses will be taxed on their turnover, regardless of whether they make a profit or not. This will further exacerbate the economic distress faced by many Nigerians, who are already struggling to make ends meet.
Obi also raises a pertinent question about the role of the National Security Adviser (NSA) in collecting revenue. He asks, “And when did the office of the NSA become a revenue collecting centre? And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?”.
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