Northern Groups condemn CBN's proposed 0.5% cybersecurity levy as unjust extortion, highlighting existing financial burdens on Nigerians. The Coalition of Northern Groups calls for transparency in banking charges and urges the reversal of the policy to alleviate economic strains faced by citizens amidst challenging times.
The Coalition of Northern Groups (CNG) vehemently opposes the Central Bank of Nigeria's (CBN) proposed 0.5% cybersecurity levy on electronic transactions, denouncing it as extortion.
CNG's National Coordinator, Comrade Jamilu Charanchi, criticized the levy, labeling it heartless and emblematic of the government's disregard for citizens' economic struggles. They highlighted the burden already imposed by existing banking charges, including stamp duty, transfer fees, VAT, and SMS charges.
The CNG emphasized the exorbitance of the levy, especially in a country where the minimum wage is not fully implemented. Additionally, they called for transparency regarding stamp duty charges accumulated by banks over the past decade.
The CNG urged the CBN to reconsider its decision, advocating for alternative solutions that do not exacerbate the economic hardships faced by Nigerians.
