 |
| Mr. Peter Obi |
Peter Obi, the Labour Party's presidential candidate in the 2023 general election, has spoken out against the newly introduced Cybersecurity Levy by the Federal Government. He believes it's another example of excessive taxation aimed at exploiting an already struggling economy.
On his X handle, Obi wrote: "The introduction of yet another tax, the Cybersecurity Levy, on Nigerians already suffering severe economic distress, shows the government is more interested in draining the economy than nurturing its recovery and growth."
He pointed out that this new tax:
- Amounts to multiple taxation on banking transactions, which are already subject to various other taxes, including stamp duties
- Negates the government's commitment to reduce taxes and streamline the tax system
- Targets businesses' trading capital, not their profits, further eroding their remaining capital after the impact of Naira devaluation and high inflation
- Expects citizens to fund all government activities, which is unsustainable
Obi emphasized that such policies not only impoverish citizens but also make the country's economic environment less competitive. He questioned the timing of introducing new taxes when the government should be reducing taxes to curb inflation. He also raised concerns about the Office of the NSA collecting revenue and receiving returns on a specific tax, as stated in the new cybersecurity law.
Here's a rewritten version with a more concise and engaging tone:
"Peter Obi Slams Cybersecurity Levy as 'Economic Vampirism'
The Federal Government's new Cybersecurity Levy is a "tax too far" that's "milking a dying economy," says Peter Obi, Labour Party's presidential candidate. He argues that this latest tax:
- Doubles down on banking transactions already hit with multiple taxes
- Undermines the government's promise to simplify taxes
- Targets businesses' lifeblood, not profits, amid economic distress
- Expects citizens to foot the bill for all government activities
Obi warns that such policies worsen poverty and make Nigeria's economy less competitive. He questions the timing of new taxes when inflation is already soaring and asks why the Office of the NSA is collecting revenue and receiving tax returns."
Tags
News