The Coalition of Northern Groups (CNG) has vehemently objected to the Central Bank of Nigeria’s (CBN) planned 0.5% cybersecurity tax, calling it extortion, on every electronic transaction made through the country’s banking system.

The CNG stated that the levy, which is anticipated to take effect in the next two weeks, demonstrated the Federal Government’s lack of empathy and sympathy for the plight of Nigerians in the face of the current economic crisis in a statement released by Comrade Jamilu Charanchi, the group’s national coordinator.

“It is a crass heartlessness that is a sequel to fuel subsidy removal which now made fuel above N1000 per litre and the electricity tariff abrupt soaring that is tantamount to another daily-light extortion in the offing by the government that came to being through democratic processes,” it said.

Nigerians who are already victims of neoliberal exploitation due to the government’s indifference to the suffering of the oppressed are being cruelly saddled with what the CNG called “totally unacceptable extortion” as a result of this policy.

Nigerians are already being taken advantage of by the collecting of stamp duty, transfer fees, VAT, and SMS costs in the country’s banking industry, according to the statement, which makes this extra tax wholly unnecessary.

“While we concur that securing our cyber space is paramount, that can only be justified as a corollary to the stabilisation of the economy and improvement of the standard of living of Nigerians.

“Even at that, the current 0.5% percent is quite exorbitant in a country that has not fully implemented N30, 000 minimum wage but has reportedly raised the disposal income of the members of the National Assembly,” it noted.

The CNG observed that in recent years, hundreds of billions of naira had been amassed and looted solely through stamp duty, with the apex bank failing to provide Nigerians with an open and responsible explanation.

“Therefore, this CBN’s pronouncement, which is capable of becoming another cesspool of corruption, is wholly and roundly rejected, condemned and censured by all and sundry that have the country and its people at heart,” the CNG said.

The coalition also bemoaned the fact that millions of Nigerians are now unable to afford adequate living standards in any way because the government has already deprived them of all benefits related to healthcare, education, fuel subsidies, and agriculture.

The CNG noted that because to the government’s poor policies, which have reduced people’s purchasing power, Nigerians are already living in “despicable stringent conditions.”

As a result, the CNG requested that the CBN quickly rescind this harsh and unilateral decision, which unfairly places additional burdens on the general public during difficult economic times.

Furthermore, it called “on the national banker as a matter of principle and transparency, in lieu of further depleting the lean resources of struggling but resilient Nigerians, to provide detailed explanation of all the stamp duty charges accrued from the banks in the last 10 years.

“Therefore, we counsel the CBN to reconsider this ill-conceived policy and explore alternative solutions that do not further extend Nigerians to the dictates of capitalist institutions,” it added.