TUC THREATEN SHUTDOWN OF ECONOMY OVER IMPLEMENTATION OF CYBER SECURITY LEVY ON ELECTRONIC TRANSACTIONS.

The Trade Union Congress of Nigeria, TUC, has threatened a shutdown of the economy over the plan to begin implementation of the 0.5 per cent cyber security levy on electronic transactions. The union’s president, Festus Osifo, gave the warning in a statement yesterday. The body called on the Federal Government to order the Central Bank of Nigeria, CBN, to withdraw its directive to financial institutions on the issue, to avert the shutdown. Osifo described such a plan as illogical, coming at a time when Nigerians were grappling with a high cost of living.

The union leader expressed fears that the development would further encourage people to hoard cash at home, reduce financial inclusion, increase poverty and exacerbate the misery index. According to him, all Nigerians are interested in right now is the urgent conclusion of discussions around the minimum wage.

Recall that the CBN recently directed banks to implement the 0.5 per cent cybersecurity levy on electronic transactions starting May 20. According to the apex bank, the directive followed the enactment of the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024. It said that the proceeds were to be remitted to the National Cybersecurity Fund, which would be administered by the Office of the National Security Adviser.