Nigerian Students Oppose CBN’s Cybersecurity Tax

The National Association of Nigerian Students (NANS) has vehemently rejected the Central Bank of Nigeria’s (CBN) recently announced cybersecurity levy and called for its immediate retraction.

In a communiqué issued by NANS President, Pedro Obi, the union expressed deep concern over the introduction of yet another policy that burdens the already-strained populace, particularly amidst prevailing economic challenges.

NANS firmly denounced the CBN’s directive to levy a 0.005 charge on electronic transfers, labeling it as an undue strain on hardworking Nigerians.

The directive, outlined in a circular, mandates banks and payment service operators to initiate these deductions within the next two weeks.

While purportedly aimed at enhancing cybersecurity frameworks, NANS emphasizes that this levy only adds to the financial pressures faced by individuals and businesses across the nation.

The association calls for alternative measures to finance cybersecurity instead of further taxing Nigerians, arguing that the levy may defeat the cashless policy in the face of numerous other charges already imposed on electronic transactions.

NANS urged the government to reconsider this levy in light of its detrimental impact on suffering Nigerian students, businesses, and the general populace.

Instead, they advocate for policies that alleviate, rather than exacerbate, economic burdens.