The Trade Union Congress of Nigeria (TUC) has issued a stern warning of a potential economic shutdown in response to the proposed implementation of a 0.5 percent cybersecurity levy on electronic transactions.
TUC urged the Federal Government to intervene and instruct the Central Bank of Nigeria (CBN) to retract its directive to financial institutions regarding the levy to prevent such drastic action.
President of TUC, Mr. Festus Osifo, condemned the plan as illogical, especially amidst the challenges faced by Nigerians due to the high cost of living.
Osifo criticized the government’s policies, citing burdensome levies imposed on bank account holders and the overall unfriendly business environment leading to business closures.
He expressed concerns that the levy would exacerbate financial hardship, discourage financial inclusion, and worsen poverty levels.
Osifo emphasized the pressing need to conclude discussions on the minimum wage, highlighting the adverse impact of further reducing disposable income on already struggling citizens.
