The Trade Union Congress (TUC) has issued a stern warning to the Federal Government, threatening to shut down Nigeria’s economy unless the Central Bank of Nigeria (CBN) reverses its recent introduction of a cybersecurity levy. 

In a statement released on Wednesday and signed by its president, Festus Osifo, the TUC condemned the CBN’s decision to impose a new 0.5% cybersecurity levy on commercial banks and other financial institutions.

Expressing outrage over the timing of the levy introduction, the TUC criticized the CBN for imposing additional financial burdens on Nigerians already grappling with the high cost of living and facing multiple taxation from both banks and the government. The union characterized the levy as a “conspiracy of the oppressors against the masses,” emphasizing the detrimental impact it would have on ordinary citizens.

The TUC called for widespread resistance against the cybersecurity levy, urging all well-meaning Nigerians to unite in opposition to what they perceive as unjust taxation. 

The union highlighted several economic hardships currently facing Nigerians, including Naira devaluation, soaring petrol prices, and recent increases in electricity tariffs. These challenges compound the financial strain experienced by many Nigerians and further exacerbate existing socio-economic inequalities.

The prospect of widespread industrial action sends a clear message to policymakers that urgent action is needed to address the concerns of ordinary Nigerians and alleviate the burden of excessive taxation and economic hardship.