The Trade Union Congress (TUC) has issued a stern warning to the Federal Government, threatening a massive nationwide protest that would grind the economy to a halt if the controversial cybersecurity levy introduced by the Central Bank of Nigeria (CBN) is not cancelled.
In a statement signed by its President, Festus Osifo, on Wednesday, the TUC vehemently condemned the CBN’s directive imposing a 0.5% cybersecurity levy on almost all electronic transactions, effective two weeks from May 6.
This move has drawn criticism from the Nigeria Labour Congress (NLC) and many others, who see it as an additional burden on Nigerians already struggling with a high cost of living.
The TUC described the levy as “illogical” and “exploitative,” coming at a time when Nigerians are grappling with the devaluation of the Naira, skyrocketing petrol prices, and supersonic electricity tariff hikes.
The union accused the government of prioritizing policies that bring “pain, anguish, and sorrow” to citizens, rather than addressing their needs.
The TUC also lamented that account holders in Nigeria are already burdened by multiple taxation from both the Federal Government and banks. It criticized the National Assembly for “colluding” with the executive to “exploit” citizens, rather than protecting their interests.
Demanding immediate action, the TUC urged the Federal Government to direct the CBN to withdraw the circular and cancel the levy forthwith. With all Nigerians focused on concluding minimum wage discussions, the TUC sees this “vexatious policy” as an unnecessary distraction.
