From Charity Nwakaudu, Abuja
The Coalition of Northern Groups (CNG) has strongly 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).
In a statement released to journalists on Wednesday, CNG National Coordinator Comrade Jamilu Aliyu Charanchi described the levy, which is expected to be effective within the next two weeks, as a display of the federal government’s lack of compassion and empathy for Nigerians struggling with the current economic hardship.
“This is a crass heartlessness that follows the fuel subsidy removal, which has now made fuel above N1000 per litre, and the electricity tariff abrupt soaring, tantamount to another daylight extortion in the offing by the government that came to being through democratic processes,” the statement read.
The CNG described the policy as totally unacceptable extortion that callously burdens Nigerians 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,” the statement continued.
While acknowledging the importance of securing cyberspace, the CNG argued that it can only be justified as a corollary to the stabilization of the economy and improvement of the standard of living of Nigerians. Even at that, the current 0.5% is considered 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 recalled 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 declared.
The CNG expressed regret that the government had already deprived the people of 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 CNG 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 demanded that the CBN immediately reverse this draconian and unilateral decision that unjustifiably imposes an extra burden on the masses amidst crunching economic circumstances.
Furthermore, the CNG called on the national banker, as a matter of principle and transparency, to provide a detailed explanation of all the stamp duty charges accrued from the banks in the last 10 years instead of further depleting the lean resources of struggling but resilient Nigerians.
The CNG advised 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.