TUC Warns of Nationwide Shutdown Over Cybersecurity Levy

The Trade Union Congress (TUC) has warned of a massive protest that will shut down the Nigerian economy if the Federal Government fails to scrap the contentious cybersecurity levy recently introduced by the Central Bank of Nigeria.

The TUC had in a statement signed by its President, Festus Osifo, on Wednesday, criticised the directive by the CBN to banks imposing a 0.5% cybersecurity levy on almost all electronic transfers.

This is coming after the Nigeria Labour Congress (NLC) severely criticized the levy which it described as another burden on Nigerians.

The TUC also said it was illogical that the cybersecurity levy had come at a time when Nigerians were struggling with the high cost of living caused by the devaluation of Naira, the inflated cost of petrol and electricity tariff and other items.

The union also revealed that it was troubled that since the start of the Tinubu’s administration, government policies have brought nothing but pain, anguish and sorrow to Nigerians.

Finally, the TUC implored the Federal Government to promptly direct the CBN to withdraw the circular previously issued to banks and immediately cancel the levy.

If the government fails to do so, TUC said it’ll have no option but to mobilize all its members, stakeholders and indeed the entire masses “to launch into an immediate protest that would climax into the total shutdown of the Nigerian economy, as this is one exploitation too many.”

Why It Matters:

The Trade Union Congress (TUC)’s strong stance against the cybersecurity levy introduced by the Central Bank of Nigeria (CBN) indicates several key concerns. Some of the reasons why their actions matter are:

1. To Protect Economic Interests: The cybersecurity levy is an additional financial burden on already struggling individuals and businesses, especially in light of the economic challenges plaguing the Naira devaluation and the high cost of living.
2. To Advocate for Fairness and Accountability: By challenging the government’s ruling on the cybersecurity levy, the TUC is calling for transparency and justification in policies that impose financial burdens on the populace, particularly when citizens are already grappling with economic hardships.

Bottom Line:

TUC threatening a nationwide protest and economic shutdown shows their readiness to deploy a mass action to press for policy change.