Jacob Idinye Condemns CBN’s Deduction Of 0.5% Cybersecurity Levy From Nigerians’ Bank Accounts, Seeks Tinubu’s Intervention

A two-time Peoples Democratic Party (PDP) governorship aspirant in Edo State, High Chief Jacob Egietseme Idinye has condemned the Central Bank of Nigeria’s (CBN) recent directive to impose on Nigerians, a 0.5% cybersecurity levy on electronic transfers.

In an interview Idinye granted some senior business correspondents in Lagos on Tuesday, he noted that he was deeply concerned about the persistent and debilitating economic policies of the All Progressives Congress (APC) led administration which according to him has plagued Nigeria in recent time, causing untold hardship to citizens across the country.

The Etsako High Chief said, “I am deeply outraged at the failure of the relevant authorities for refusing to be sensitive to the plight of the people who are already impoverished. The Central Bank of Nigeria completely got it wrong by introducing a 0.5% cybersecurity levy on electronic transfers on Nigerians, this is coming at a wrong time and I urge President Bola Ahmed Tinubu to prevail on the apex bank and other members of his economy team including the Vice President Kashim Shettima to immediately discard and halt the ill-timed policy. Honestly this is one harsh economic policy, too many.

“I am surprised that despite all manner of existing bank levies and charges, the CBN will still devise another avenue to extort and exploit Nigerians who have been pushed to the wall. It is also sad that the directive was coming when the government has failed in addressing the situation of fuel scarcity which directly affects millions of ordinary Nigerians, resulting in long queues at fuel stations, hike in transportation costs, and untold suffering for millions of law-abiding Nigerians.

“I am worried that if this situation is not addressed urgently, it could lead to further impoverishment and destitution of the already dejected Nigerians. President Bola Tinubu must as a matter of urgency engage with all relevant stakeholders to pursue an immediate and comprehensive solution to this vicious policy primarily designed to ooze out the remnant of good life from ordinary Nigerians.

“This new obnoxious levy will have a disproportionate impact on the most vulnerable segments of society, including hardworking individuals, families, and small business owners. It is particularly distressing to note that the funds collected may fail to witness transparency, probity or accountability in its utilization. Every right thinking Nigerian must question the rationale behind this policy, as it appears to be yet another instance of the government extracting additional resources from the citizenry without providing any tangible benefits in return.

“This definitely cannot be business as usual, the CBN and the Nigerian Government should in the alternative concentrate on introducing workable and people-friendly initiatives that can literally address the pressing concerns of the citizens. Every reasonable, sensitive, responsible and responsive government is expected to prioritize policies that engender economic development, stability, job creation, and equitable distribution of resources rather than bringing more excruciating burdens on an already overburdened Nigerian masses, Idinye said.

“I am happy that people from all walks of life are already chiding the government and seeking redress, it shows Nigerians are no longer in a lukewarm mood, they are actively engaging the government and seeking solutions, respite and policy review in the larger interest of all. The reality is that the harsh economic climate doesn’t recognize any political party, religion, gender or ethnic, it’s a leveler, therefore all hands must be on deck. And I hope the government across board will heed this clarion call and make necessary amends before it is too late.” Idinye stated.