The Nigeria Labour Congress (NLC) has rejected the recent directive by the Nigerian Apex bank, Central Bank of Nigeria (CBN) of 0.5 (0.005) per cent Cybersecurity on electronic transactions.
This was revealed by the NLC President, Joe Ajaero in a statement made on Tuesday in Abuja.
While reacting to the recent announcement by the CBN, mandating banks and payment service operators to effect the deductions in two weeks, he condemned the directives and therefore called for immediate stoppage and reversal of the policy.
According to the CBN, the move was to bolster cybersecurity measures.
Meanwhile, to Ajaero, this levy, to be implemented by deduction at the transaction origination, is aimed at aggravating the burdensome situation of hardworking Nigerians.
“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 the vulnerable segments of society, is unjustifiable.
“This levy stands as another tax too much for Nigerians, burdening them with additional financial responsibilities.
“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,” he said.
The NLC boss stressed that while the CBN had exempted interbank transfers and loans transactions from the levy, the broader impact on everyday transactions would not be overlooked.
He added that these deductions would directly affect the disposable income of workers, diminishing the purchasing power of the common citizen.
According to him, instead of creating a business-friendly environment to encourage greater investments in the economy, the opposite seems to be what is being implemented.
He then urged the Federal Government to rethink and reconsider the directives, insisting that they prioritize policies that alleviate the financial burdens of Nigerians.
“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.