PRP KNOCKS CBN OVER 0.5% CYBER SECURITY LEVY

May 7, 2024 - 17:19
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PRP KNOCKS CBN OVER 0.5% CYBER SECURITY LEVY

By Frank Ajufo

The Peoples Redemption Party,.PRP, has condemned the Central Bank of Nigeria's recent imposition of a 0.5% cybersecurity levy on electronic transfers. In a statement signed by the party's Ag. Publicity Secretary, Comrade Muhammed Ishaq, and made available to Vision FM Abuja, PRP described the policy which to be implemented in the next two weeks as ill-timed and insensitive. PRP said the levy will only serve to worsen the financial burden of Nigerians who are already grappling with present economic hardship.

 It said the new levy will have a disproportionate impact on the most vulnerable sections of society, including hardworking individuals, families, and small business owners. It also said it was 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."

PRP demanded that the CBN immediately retracts what it described as misguided directive and seek 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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