Peter Obi asserts that the introduction of the Cybersecurity Levy is additional evidence of the government’s prioritization of exploiting a struggling economy rather than fostering its recovery.

Peter Obi, the Presidential candidate of the Labour Party in the 2023 general election, has criticized the Federal government for implementing the Cybersecurity Levy. In a statement released on May 8, Obi expressed his disapproval, stating that the introduction of the levy reflects the government’s focus on extracting funds from a struggling economy rather than nurturing its recovery and growth.

Obi argued that such policies would not only exacerbate poverty among citizens but also diminish the country’s economic competitiveness. The Central Bank of Nigeria recently directed banks to levy a 0.5% cybersecurity charge on certain customer transactions, with the funds to be remitted to the National Cybersecurity Fund (NCF) under the Office of the National Security Adviser.

Obi criticized the transformation of the NSA’s office into a revenue collection center in his statement.