The Coalition of Northern Groups (CNG) has rejected 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).
The CNG said the levy, which is expected to be effective 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.
In a statement signed by its National Coordinator, Comrade Jamilu Aliyu Charanchi, CNG described the levy as crass heartlessness that is a sequel to fuel subsidy removal, which now made fuel above N1000 per litre, and the electricity tariff abruptly soaring, which is tantamount to another daily light extortion by the government that came to be through democratic processes.
The CNG also described the policy as totally unacceptable extortion that is callously being burdened on Nigerians who are already suffering from neoliberal exploitations through the government’s thoughtlessness to the plight of the downtrodden.
“We believe that this additional charge is completely unjustifiable as Nigerians are already being fleeced through the collection of stamp duty, transfer fee, VAT, and SMS charges in the Nigerian banking sector.
“While we concur that securing our cyberspace is paramount, that can only be justified as a corollary to the stabilisation of the economy and improvement of the standard of living of Nigerians. Even at that, the current 0.5% per cent is quite exorbitant in a country that has not fully implemented the N30,000 minimum wage but has reportedly raised the disposal income of the members of the National Assembly.
“The CNG recalls that hundreds of billions of naira had been collected and pillaged through stamp duty alone in the last few years without transparent and accountable explanation to Nigerians by the apex bank.
“Therefore, this CBN’s pronouncement, which is capable of becoming another cesspool of corruption, is wholly and roundly rejected, condemned, and censured by all and sundry that have the country and its people at heart,” the statement said.
CNG further expressed regret that the government had already strangled the people from any derivable benefit in healthcare, education, fuel subsidy, and agriculture to the point that millions of Nigerians cannot afford decent living in whatever form.
The group, however, observed that Nigerians are already swimming in despicable, stringent conditions consequent to the government’s ill-advised policies that have weakened people’s purchasing power.
“Consequently, the CNG demands that the CBN immediately reverse this draconian and unilateral decision that unjustifiably imposes an extra burden on the masses amidst crunching economic circumstances.
“Furthermore, we call on the national banker, as a matter of principle and transparency, in lieu 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.
“Therefore, we counsel the CBN to reconsider this ill-conceived policy and explore alternative solutions that do not further extend Nigerians to the dictates of capitalist institutions.
“The government must note that tax collection and revenue generation must be preceded by supporting and empowering the citizenry to prosper through the needed interventions and subsidies, in addition to the provision of the necessary infrastructure,” the statement added.
ALSO READ THESE TOP STORIES FROM NIGERIAN TRIBUNE
Source: