The Coalition of Northern Groups, (CNG), has 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).
The CNG said the levy, which is expected to be effective within the next two weeks, exemplifies the federal governments lack of compassion and empathy for the plight of Nigerians in the face of the current economic hardship.
In an issued statement, signed by its National Coordinator, Comrade Jamilu Aliyu Charanchi, the CNG described the levy as crass heartlessness that is a sequel to fuel subsidy removal, which now made fuel above N1000 per litre, and the electricity tariff abruptly soaring, which is tantamount to another daylight extortion by the government that came to be through democratic processes.
The CNG also described the policy as totally unacceptable extortion that is callously being burdened on Nigerians who are already suffering from neo-liberal exploitations through the governments thoughtlessness to the plight of the down-trodden.
The statement said in part: 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”.
CNG further expressed regret that the Government had already strangled the people from 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 group, however, observed that Nigerians are already swimming in despicable, stringent conditions consequent to the Governments ill-advised policies that have weakened peoples purchasing power.
Consequently, the CNG demands that the CBN immediately reverse this draconian and unilateral decision that unjustifiably imposes an extra burden on the masses amidst crunching economic circumstances.
Furthermore, we call on the national banker, as a matter of principle and transparency, in lieu of further depleting the lean resources of struggling but resilient Nigerians, to provide a detailed explanation of all the stamp duty charges accrued from the banks in the last 10 years.
Therefore, we counsel the CBN to reconsider this ill-conceived policy and explore alternative solutions that do not further extend Nigerians to the dictates of capitalist institutions”, it stated.
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, the statement further added.
