The Coalition of Northern Groups (CNG) has vehemently opposed the proposed imposition of a 0.5% cybersecurity levy on every electronic transaction in the Nigerian banking system by the Central Bank of Nigeria (CBN), denouncing it as extortion.
According to a statement by CNG’s National Coordinator, Comrade Jamilu Charanchi, the group criticized the levy, slated to take effect within the next two weeks, as a manifestation of the Federal Government’s indifference and insensitivity to the hardships faced by Nigerians amidst the current economic challenges.
The CNG characterized the policy as “completely unacceptable extortion” unfairly imposed on Nigerians already grappling with neoliberal exploitations, highlighting the government’s disregard for the plight of the less privileged.
The group argued that the additional charge is unjustifiable, given the existing levies such as stamp duty, transfer fees, VAT, and SMS charges in the Nigerian banking sector. It further emphasized the exorbitance of the 0.5% levy in a country where the minimum wage of N30,000 has not been fully implemented but reportedly increased the disposable income of National Assembly members.
Moreover, the CNG raised concerns about the lack of transparency in the collection and utilization of funds, citing the opaque handling of stamp duty revenue by the apex bank over the years.
The coalition expressed dismay over the government’s perceived neglect of vital sectors like healthcare, education, fuel subsidy, and agriculture, which has significantly diminished the quality of life for millions of Nigerians.
In light of these grievances, the CNG demanded the immediate reversal of the CBN’s decision and urged the apex bank to provide detailed explanations of stamp duty charges accrued from banks over the past decade. Additionally, it called for the reconsideration of the policy in favor of alternative solutions that do not exacerbate the financial burden on Nigerians.
The CNG underscored the importance of transparency and urged the CBN to prioritize the welfare of struggling Nigerians over the interests of capitalist institutions.
