Cybersecurity Levy: More Action Needed to Make Nigerians ‘Breathe’

President Bola Tinubu‘s directive to the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy is a welcome development, but the president needs to take more action to alleviate the suffering of millions of Nigerians.

Development Diaries reports that the CBN had last week directed all banks in the country to implement a 0.5 percent cybersecurity levy on electronic transfers.

We condemned the directive, insisting that it was not the right time, as it would further increase hardship for the majority of Nigerians, who are already overtaxed and overburdened by the Tinubu administration.

Already, the state of affairs in the country is complicated and difficult, especially for the average citizen. Many Nigerians find it difficult to deal with the country’s uncertainty and economic suffering, and the government’s policies have made it difficult for citizens to survive.

Several businesses have been severely impacted by the naira depreciation, followed by a steady rise in the country’s inflation rate. Sadly, the government has not addressed this problem in a meaningful way.

President Tinubu’s announcement over the removal of the fuel subsidy led to a rise in transportation and commodity prices which has caused increased hardship in the country. Adding to that, some Nigerians now pay more for electricity following the 300 percent hike in electricity tariff for Band A customers.

It would be unimpressive if the government needed another two years to address the current difficulties that Nigerians are facing.

President Tinubu should not disregard section 14(2)(b) of the Nigerian constitution which provides that the security and welfare of the people shall be the primary purpose of government.

Development Diaries calls on President Tinubu to start implementing tax waivers for vulnerable citizens, as this is one of the measures expected of an empathetic government.

Photo source: Bola Tinubu


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