Tinubu Govt Interested In Milking Dying Economy – Obi Slams Tinubu Over Cyber-Security Levy

Peter Obi, the Labour Party presidential candidate in the general elections, has criticized President Tinubu’s government for imposing a Cyber-Security Levy on Nigerians, saying it was unjustified in light of the nation’s financial difficulties.

Obi claimed that rather than fostering the economy’s rehabilitation and expansion, the current administration is more concerned with milking a faltering economy.

The former governor of Anambra State also attacked the Tinubu-led government for implementing policies that reduced the nation’s competitiveness in the global economy in addition to harming Nigerians financially.

In a message posted on his X Twitter on Wednesday, Obi expressed his concern, speculating on the moment the National Security Adviser turned into a revenue-gathering machine.

“This does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes including stamp duties but negates the Government’s avowed commitment to reduce the number of taxes and streamline the tax system.

“The imposition of a Cybersecurity Levy on bank transactions is particularly sad given that the tax is on the trading capital of businesses and not on their profit hence will further erode whatever is left of their remaining capital, after the impact of the Naira devaluation and high inflation rate.

“At a time when the government should be reducing taxes to curb inflation, the government is instead introducing new taxes. 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?.” [CONTINUE READING HERE]