The opposition Peoples Redemption Party (PRP) has faulted the resolve by the Central Bank of Nigeria’s (CBN) to impose a 0.5% cybersecurity levy on electronic transfers.

PRP’s National Publicity Secretary, Comrade Muhammed Ishaq in a statement described the measure as ill-timed and an insensitive policy, which will worsen the plight of Nigerians grappling with economic hardship.

The PRP argued that the newly introduced levy will have a disproportionate impact on the most vulnerable sections of society, including hardworking individuals, families, and small business owners.

The PRP contended 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,” it noted.

“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.”

The PRP called on the CBN to rescind the policy and instead focus on implementing measures that genuinely address the pressing concerns of the citizens.

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