PRP kicks against CBN cybersecurity levy, says it’s heartless, ill-timed

The Peoples Redemption Party (PRP) has joined other Nigerians and organisations that have kicked against the directive of the Central Bank of Nigeria (CBN) to banks and other financial institutions in the country to deduct a 0.5 percent cybersecurity levy on electronic transfers.

It will be recalled that the apex bank in a Monday directive, gave the banks go ahead to make the deductions as dictated by the Cybersecurity Act, leading to widespread outcry by Nigerians.

The party, in a statement on Tuesday by its National Publicity Secretary, Muhammed Ishaq, described the directive from the CBN as heartless, ill-timed and insensitive.

The statement read: “The Peoples Redemption Party (PRP) condemns the Central Bank of Nigeria’s (CBN) recent directive to impose a 0.5% cybersecurity levy on electronic transfers.

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“This ill-timed and insensitive policy, set to be implemented within the next two weeks, will only serve to exacerbate the financial woes of Nigerian citizens who are already grappling with economic hardship. This new levy will have a disproportionate impact on the most vulnerable sections of society, including hardworking individuals, families, and small business owners.

“It is particularly distressing to note that the funds collected will directly benefit the National Security Adviser’s office without any obligation for transparency or accountability in the utilization of these funds.

“The PRP questions the rationale behind this policy, as it appears to be yet another instance of the government extracting additional resources from its citizens without providing any tangible benefits in return. The ongoing struggles of Nigerians, including skyrocketing food inflation, fuel scarcity, depreciating currency, and general insecurity, make it clear that the imposition of this levy is heartless, callous and unjust.

“We call upon the CBN and the Nigerian Government to immediately rescind this policy and instead focus on implementing measures that genuinely address the pressing concerns of the citizens.

“The PRP urges the authorities to prioritize policies that promote economic growth, job creation, and equitable distribution of resources rather than imposing additional burdens on an already overburdened populace.

“The PRP demands that the CBN immediately retracts this misguided directive and seeks alternative, more inclusive solutions to safeguard the financial well being of Nigerians. In conclusion, the PRP reiterates that it stand in solidarity with the citizens of this great nation and remain committed to fighting for a fairer and more prosperous future for all.”

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