TUC Threatens Nationwide Shutdown over Cybersecurity Levy

The Trade Union Congress (TUC) has warned that it will organize a large-scale protest that could bring the Nigerian economy to a halt if the Federal Government does not reverse a new cybersecurity levy introduced by the Central Bank of Nigeria (CBN).

In a statement issued on Wednesday, signed by its President, Festus Osifo, the TUC criticized the CBN’s directive to banks imposing a 0.5% cybersecurity levy on nearly all electronic transactions.

This comes after the Nigeria Labour Congress (NLC) strongly condemned the levy, calling it an additional burden on Nigerians.

Amid widespread criticism following the announcement of the levy, which the CBN intends to implement within two weeks from May 6, the TUC argued that the levy is unreasonable, particularly when Nigerians are already struggling with rising living costs due to the devaluation of the Naira, soaring petrol prices, and steep increases in electricity tariffs.

The union expressed concern that since President Bola Tinubu’s administration began, government policies have caused significant hardship and distress for Nigerians.

It also highlighted that bank account holders in Nigeria are already subjected to multiple forms of taxation from both the Federal Government and the banks.

The TUC criticized the National Assembly for allegedly “colluding” with certain “executive elements” to “exploit” the citizens they should be safeguarding.

Stating that Nigerians are primarily interested in the rapid resolution of discussions around the minimum wage, not new “burdensome policies,” the TUC called on the Federal Government to direct the CBN to retract the levy circular immediately.

The union warned that if the levy isn’t withdrawn, it will have no choice but to mobilize its members, stakeholders, and the general public for a massive protest that would lead to a complete shutdown of the Nigerian economy, as this policy is seen as excessive exploitation.