The Coalition of Northern Groups (CNG) has communicated its strong rejection of the proposed imposition of a 0.5% cyber security levy on every electronic transaction in the Nigerian banking system by the Central Bank of Nigeria (CBN). This was contained in a statement signed by its National Coordinator, Comrade Jamilu Aliyu Charanchi and made available to The Explainer in Abuja.
The group said the levy, which is expected to come into effect within the next two weeks, exemplifies the Federal Government’s lack of compassion and empathy for the plight of Nigerians in the face of the current economic hardship. The group also described the levy as as a crass act of heartlessness that follows the fuel subsidy removal, which resulted in fuel prices going above N1000 per liter, and the abrupt hike in electricity tariffs. CNG described the move as another form of daily extortion by the government.
The CNG therefore declared that the policy is totally unacceptable and that it reflects the government’s thoughtlessness towards the plight of the downtrodden.
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“We believe that this additional charge is completely unjustifiable as Nigerians are already being fleeced through the collection of stamp duty, transfer fees, VAT, and SMS charges in the Nigerian banking sector.
“While we agree that securing our cyber space is paramount, that can only be justified as a corollary to stabilizing the economy and improving the standard of living of Nigerians.
“Even so, the current 0.5% rate is exorbitant in a country that has not fully implemented a N30,000 minimum wage but has reportedly increased the disposable income of members of the National Assembly.”
The CNG recalled that hundreds of billions of naira have been collected and pillaged through stamp duty alone in the last few years without transparent and accountable explanations to Nigerians by the apex bank.
“Therefore, this pronouncement by the CBN, which is capable of becoming another cesspool of corruption, is wholly and roundly rejected, condemned, and censured by all who have the country and its people at heart.
“We regret that the government has already deprived the people of any benefits in healthcare, education, fuel subsidy, and agriculture to the point that millions of Nigerians cannot afford a decent living in any form.
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The CNG consequently demanded the immediate reversal of what it said was a draconian and unilateral decision that unjustifiably imposes an extra burden on the masses amidst crushing economic circumstances.
“We call on the national banker, as a matter of principle and transparency, instead of further depleting the lean resources of struggling but resilient Nigerians, to provide a detailed explanation of all the stamp duty charges accrued from the banks in the last 10 years.
