June 18, 2024
TUC Threatens Shutdown Over Cybersecurity Levy
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TUC Threatens Shutdown Over Cybersecurity Levy

The Trade Union Congress of Nigeria, TUC, has threatened to shut down the economy over the plan to begin implementation of the 0.5 percent cyber security levy on electronic transactions.

The union, in a warning delivered on Wednesday by its President, Mr Festus Osifo, called on the Federal Government to direct the Central Bank of Nigeria, CBN, to withdraw its directive to financial institutions on the issue, to avert the shutdown.

The CBN had recently directed banks to implement the 0.5 per cent cybersecurity levy on electronic transactions from May 20.

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Mr. Osifo who described the plan as illogical, says it is coming at a time that Nigerians are grappling with high cost of living which, according to him, was imposed by devaluation of Naira, hyper hike in the cost of petrol, supersonic increment in the cost of electricity tariff, among others.

The union leader expressed fear 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.

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