The Trade Union Congress (TUC) has issued a strong warning to the Nigerian government regarding the recently introduced cybersecurity levy by the Central Bank of Nigeria (CBN).

TUC President Festus Osifo released a statement criticizing the CBN’s directive, which imposes a 0.5 percent cybersecurity levy on electronic transactions. The TUC labeled the levy as burdensome for Nigerians who are already facing economic challenges.

The outcry against the levy has been widespread, with the Nigeria Labour Congress (NLC) also condemning it as an additional financial burden on citizens.

The TUC expressed disbelief at the timing of the levy, which coincides with a period of high living costs due to currency devaluation, petrol price hikes, and electricity tariff increases.

The TUC highlighted the heavy burden of multiple taxes on Nigerian account holders and accused both the government and banks of exploiting citizens.

The TUC held the National Assembly responsible for complicity and accused certain elements within the executive of collaborating to the detriment of the people.

“We urge the federal government to direct the Central Bank of Nigeria to immediately withdraw the circular and cancel the planned levy. Failure to do so will leave us with no choice but to mobilize all our members, stakeholders, and the entire population to engage in immediate protests that will result in the complete shutdown of the Nigerian economy.

This is one form of exploitation too many. Enough is enough; Nigerians deserve relief! These extortions must cease,” the statement read.