CNG Expresses Discontent Over Cybersecurity Levy

The Coalition of Northern Groups (CNG) has vehemently opposed the implementation of a new 0.5 per cent cybersecurity levy on bank transactions. The Central Bank of Nigeria (CBN) issued a circular mandating financial institutions to commence charging this levy in two weeks from May 6, 2024.

Lack of Compassion and Empathy

The CNG, through their National Coordinator, Comrade Jamilu Aliyu Charanchi, has criticized the cybersecurity levy as “unacceptable extortion.” The group argues that this levy imposes an additional burden on the already struggling Nigerian populace, who are facing severe economic challenges.
“This heartless act follows the fuel subsidy removal, resulting in fuel prices exceeding N1000 per liter, and the sudden increase in electricity tariffs, akin to another form of extortion by the government elected through democratic processes.”

Immediate Withdrawal Demanded

The CNG has demanded the immediate withdrawal of the cybersecurity levy, citing the numerous charges and fees already burdening Nigerians in the banking sector. The group views the current levy as excessive, especially in a country where many are financially distressed.
“This extra charge is unjustified considering the already imposed stamp duty, transfer fee, VAT, and SMS charges in the Nigerian banking system.”

Need for Transparency

The CNG has also raised concerns about the lack of transparency in fee collection, such as stamp duty, by the CBN in the past. The group is requesting a detailed account of all bank charges from the last decade before introducing any new levies on the Nigerian population.
“Hence, we urge the central bank, in the interest of transparency and fairness, to disclose all stamp duty charges accumulated from banks over the last 10 years before burdening struggling Nigerians further.”

Conclusion

The CNG’s rejection of the cybersecurity levy reflects the dissatisfaction and frustration shared by many Nigerians regarding increased financial burdens. The group urges the CBN to reconsider its decision and seek alternative solutions to alleviate the financial strain on the populace. Given the country’s economic challenges, policymakers must prioritize the well-being of the people and alleviate their financial burdens rather than introduce additional charges.