Peter Obi slams cyber security levy

Labour Party’s 2023 presidential candidate, Peter Obi, criticized the newly imposed cyber security levy, arguing that it would have adverse effects on the economy. In a statement relayed by his spokesperson, Yunusa Tanko, on Wednesday in Awka, Obi expressed concern that the nation’s focus should be on nurturing and fully reviving the economy, as imposing multiple taxes amidst the existing challenges would exacerbate economic woes.

Obi highlighted that the cyber levy, aimed at the trading capital of businesses rather than their profits, would further deplete capital. He emphasized that such a measure not only constitutes multiple taxation, given the already existing taxes on banking transactions including stamp duties, but also contradicts the pledge to reduce taxes and streamline the tax system.

The former Anambra governor warned that such policies would not only impoverish citizens but also weaken the country’s economic competitiveness. He emphasized that, particularly during these times, the government should be lowering taxes to address inflation and economic difficulties.

Obi further criticized the notion of the National Security Adviser serving as a revenue collection center for the country, implying that it diverts from the intended purpose of the NSA’s role.