He argued that the government’s decision to impose a cybersecurity levy drains the economy and hinders its revival and expansion.

The 0.5 percentage levy on bank transactions, except for a few exemptions, has faced significant backlash, with many questioning its management by the Office of the National Security Adviser as outlined in the Cybersecurity Act.

Obi criticised the government, alleging that its policies not only worsened poverty among citizens but also decreased the country’s economic competitiveness.

He questioned the role of the ONSA in revenue collection.

Obi, via X, wrote, “The introduction of yet another tax, in the form of Cybersecurity Levy, on Nigerians who are already suffering severe economic distress is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.

“This does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes, including stamp duties, but it negates the government’s avowed commitment to reducing the number of taxes and streamlining the tax system.

“The imposition of a Cybersecurity Levy on bank transactions is particularly sad given that the tax is on the trading capital of businesses and not on their profit; hence, it will further erode whatever is left of their remaining capital after the impact of the Naira devaluation and high inflation rate.

“It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government. Policies such as this not only impoverish the citizens but make the country’s economic environment less competitive.”

Obi criticised the government’s decision to introduce new taxes instead of reducing them to combat inflation.

He questioned why the NSA’s office is involved in revenue collection, emphasising its primary role in national security.

Additionally, he raised concerns about the provision in the new cybersecurity law that allocates returns from a specific tax to the NSA.