The Trade Union Congress of Nigeria (TUC) has threatened a shutdown of the country’s economy over the planned implementation of the 0.5 percent cybersecurity levy on electronic transactions.
The Central Bank of Nigeria (CBN) had recently directed banks to implement the 0.5 percent cybersecurity levy on electronic transactions from May 20.
The apex bank said the directive followed the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
It said that the proceeds would be remitted to the National Cybersecurity Fund to be administered by the Office of the National Security Adviser (ONSA).
In a statement issued on Wednesday, the TUC President, Festus Osifo, urged the Federal Government to direct the CBN to withdraw its directive to financial institutions on the issue to avert the shutdown.
He described the plan as illogical, coming at a time when Nigerians were grappling with the high cost of living.
The TUC president noted that such a high cost of living was imposed by devaluation of the Naira, hyperhike in the cost of petrol, and supersonic increment in the cost of electricity tariff, among others.
He said: “We are quite disturbed that since the inception of this administration, its policies have brought pain, anguish, and sorrow to Nigerians.
“Whereas, a bank account holder in Nigeria today is currently charged stamp duty, transfer fee, VAT on transfer fee, and all forms of account maintenance levies by both the government and the banks, this burden seems not to be enough, as government is poised to inflict further pain on the already battered Nigerians.
“So, many policies of this government are not only imposing hardship on the downtrodden Nigerians but also businesses, as some of them are shutting down because of the unfriendly business environment.”
He expressed fears that the development would further encourage people to hoard cash at home, reduce financial inclusion, increase poverty, and exacerbate the misery index.
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