Is this government just all about taxes?

[Lida93]

Hey guys have you seen this, CBN directs banks to impose 0.5% cybersecurity levy on all transactions

Two weeks from now any fiat transaction Nigerians makes a levy fee of 0.5 per cent will be charged from your account and according to the government they tagged it cyber security levy, and this is outside other already existing bank charges we have been paying for before now.  You can read the full news in details here https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

Is this government just all about taxes?

[Gozie51]

Well tinubu government back in Lagos state has been on taxes. Tinubu believe in getting money from people's businesses and na so him own IGR be, even when him and Obasanjo back then get issue wey baba no release allocation for tinubu as governor, he only increased taxes for Lagos state and na so him take run Lagos back then. Presently like you have rightly pointed out, I hear the news this morning too and this is not the first wey we don hear. The electricity tarriff increase still dey there wey NLC and TUC still dey talk about reversion or dem go strike (although we sabi how their strike dey end). This government no want listen to the hardship wey people dey go through but dey keep introducing double taxation which is even a discouragement to economic growth and progress. Bank charges these days don dey plenty but more charge get introduced, which one be cyber security whatnot?

[Charles-Tim]

There are exceptions:

Exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

Fintech among? I can see that banks, other financial institutions and payment service providers are among. I think this will encourage intrabank transactions.

[Spaceman1000$]

There are exceptions:

Exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

Fintech among? I can see that banks, other financial institutions and payment service providers are among. I think this will encourage intrabank transactions.

It has always been like these for intra-bank transfer, as most banks don't charge for intra-banking transactions.
I think it's a levy for them use and be able to get more money from the fintech companies, as most Nigerians have migrated to internet Banking system.
The president wants to use the same template he used in lagos state, at the national level, and it has been working perfectly as Nigerians are known to be docile and accept whatever the government throws at them.  We go pay pay tire. The nomenclature is another thing that is making me laugh, "cybersecurity levy on all transactions".

[Silikiem]

Hey guys have you seen this, CBN directs banks to impose 0.5% cybersecurity levy on all transactions

Two weeks from now any fiat transaction Nigerians makes a levy fee of 0.5 per cent will be charged from your account and according to the government they tagged it cyber security levy, and this is outside other already existing bank charges we have been paying for before now.  You can read the full news in details here https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

Is this government just all about taxes?

Omo na only tax and oil this our government dem Sabi I no go lie you. Taxes wey don boku for this we country don too plenty. Upon all the plenty taxes wey we dey battle for this country yet them dey reason out new ones. Omo this one na just strategies this government want to use and steal more money from this country. For me this tax is really irrelevant, and it's coming at a time when there is much hardship in the country, that's to show you that this government no send any body papa. Make them continue, God will not allow us eat grass.

[Ever-young]

Ontop of this matter. Can this body really have a strong say against the present administration, over the past SERAP  have been known to be a body which protects the right of citizens and the average people, but this law way the government just pass to bill make bank charge peope 0.5% for their transaction, SERAP don move motion say them give the Tinibu Administration 48hrs make them revoke that bill or them go hear from them.
 
Currently them they prepare their law suit against the administration as they said it also violates the 1999 constitution, the Nigeria labor congress have also spoken against this unexpected decision taken by the government and have given their own taken shaking their support same with SERAP.
 
Una feel say them fit make the government reverse their decision for this matter?
 
@Mod (Igebotz) By the way this topic suppose they under economy board but as we no get one why eh come they under Politice and society, this thread really they hidden for this place.

Legit Naija
SERAP official X account

[Marykeller]

Things we need to know about the setup tax by our government. I saw this on my Facebook feed, I sae make I bring here so that everyone go get full knowledge of how this tax go take operate.

Cybersecurity charge according to the CBN

100,000 Naira = 500 Naira charge
1 million Naira = 5,000 Naira charge
10 million Naira = 50,000 Naira charge

For this matter, wetin we need to know be this, peso money wey d for bank is not affected by this policy. The only time it is affected na when withdrawal is done. You will charge for it. Nevertheless, the key aim of CBN be sae, to reduce the physical inflow of cash in circulation, that wan go come drive people to be using electronic payment method and it will boost our naira depending on how people begin to the use the electronic payment method.

Note* this tax charge na mostly on people wey wan do above the weekly withdrawal limit of 100k

[Su-asa]

Well tinubu government back in Lagos state has been on taxes. Tinubu believe in getting money from people's businesses and na so him own IGR be, even when him and Obasanjo back then get issue wey baba no release allocation for tinubu as governor, he only increased taxes for Lagos state and na so him take run Lagos back then. Presently like you have rightly pointed out, I hear the news this morning too and this is not the first wey we don hear. The electricity tarriff increase still dey there wey NLC and TUC still dey talk about reversion or dem go strike (although we sabi how their strike dey end). This government no want listen to the hardship wey people dey go through but dey keep introducing double taxation which is even a discouragement to economic growth and progress. Bank charges these days don dey plenty but more charge get introduced, which one be cyber security whatnot?

What you said about TINUBU government is not a lie though. This our country is becoming something else but I believe that one day things will change, but let's also hope that it changes for good and not the other way round. However, our president is a business man and every business personnel always want to use other people to make money. Few days ago, while at work someone said this same thing that the OP said and the guy said everything like the OP said, then he made a speech that says "this TINUBU won use us like 17 and 18 spinal" it's was funny but that's the truth. This government wants to use us and gather enough money that only God knows what he will use them for. And let's pray that one day we don't pay fees olon trekking.

[Mr.suevie]

Hey guys have you seen this, CBN directs banks to impose 0.5% cybersecurity levy on all transactions

Two weeks from now any fiat transaction Nigerians makes a levy fee of 0.5 per cent will be charged from your account and according to the government they tagged it cyber security levy, and this is outside other already existing bank charges we have been paying for before now.  You can read the full news in details here https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

Is this government just all about taxes?

Nigeria and it's government is just one funny set of individuals because I really don't know what is wrong with them and come to think that they are actually fighting to make things easy for the common but yet still inflating and adding nonchalant extra bills on the citizens transaction, Omo it's just like for every government the matter just gets worse and worse . I know no if na official money laundering dem wan do all the Nigerian citizens

[rachael9385]

Hey guys have you seen this, CBN directs banks to impose 0.5% cybersecurity levy on all transactions

Two weeks from now any fiat transaction Nigerians makes a levy fee of 0.5 per cent will be charged from your account and according to the government they tagged it cyber security levy, and this is outside other already existing bank charges we have been paying for before now.  You can read the full news in details here https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

Is this government just all about taxes?

Nigeria and it's government is just one funny set of individuals because I really don't know what is wrong with them and come to think that they are actually fighting to make things easy for the common but yet still inflating and adding nonchalant extra bills on the citizens transaction, Omo it's just like for every government the matter just gets worse and worse . I know no if na official money laundering dem wan do all the Nigerian citizens

The matter be say them just won make this dey very very difficult for the everyone including the rich and the poor people wey dey for this country. This one show us say even person wey get 1k for em account nah only 900 or 850 nai em go receive because if bank collect their electronic charge then the money done finish. Now way things dey hard nai this kind of government con dey worst the whole economy the way wen things go hard everyone.

[Princess Leah]

Hey guys have you seen this, CBN directs banks to impose 0.5% cybersecurity levy on all transactions

Two weeks from now any fiat transaction Nigerians makes a levy fee of 0.5 per cent will be charged from your account and according to the government they tagged it cyber security levy, and this is outside other already existing bank charges we have been paying for before now.  You can read the full news in details here https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

Is this government just all about taxes?

I remember when President Bola Tinibu made mention that they'll increase the tax net, let the net get bigger and take in more taxes, every thought he was joking, I think this is just the beginning, they're aware that people would complain and there would be protest here and there if they directly imposed more taxation on every citizen so they decided to use different methods of doing so.

 This is very unfair to citizen it's not going to help our country in any way, were currently undergoing economic crisis, people could barely feed three square meals currently and all they could come up with is a form of extorting money from citizens all in the name of Cyber security levy instead of looking for ways of boosting the economy, attracting more foreign investors and increase the salaries of workers.

 Normally the main purpose of taxation is to generate revenue for the government to use in providing a stable economy, build infrastructures, create job opportunities, help finance government and public sector but in our country it's the other way round, majority of people in the government sector steal public funds and leave citizens with peanuts to survive with.

[iBaba]

Nigeria and it's government is just one funny set of individuals because I really don't know what is wrong with them and come to think that they are actually fighting to make things easy for the common but yet still inflating and adding nonchalant extra bills on the citizens transaction, Omo it's just like for every government the matter just gets worse and worse . I know no if na official money laundering dem wan do all the Nigerian citizens

I'm not really against the taxation system of the Tinubu administration because no country can survive its economy without taxes. Developed countries ride on the same path to sustain their own economy and internally generated revenue IGR over a long period of time. What I will not be happy about will be any form of double taxation, where the government will impose several spots of taxing a citizen at different points. Most the times, the micro small and medium enterprise ecosystem are more affected which subdues their business incomes and make a lot of businesses to collapse. If this administration can treat a clean sheet on its revenue services, it will go along way to bring about boosting our economy.

[Ever-young]

However, sources with knowledge of Tinubu’s position on the issue told Sunday PUNCH that the President was aware of the economic burden on Nigerians since his hardline economic reforms began last May, adding that he did not want to risk adding to the burden with more levies.

A senior presidency official who preferred not to be named told our correspondent, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.

“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again.”

I just read this morning news for Punch say I Government through our President don order CBN to take back the order way dem give banks ontop of this matter to they charge that cyber security levy way dem suppose they report go direct to NCF account domiciled, the according to the news say after the Thursday hearing of the matter the presidency see need to stop that levy way make am give the CBN order to stop am with immediate effect.

[Asiska02]

Hey guys have you seen this, CBN directs banks to impose 0.5% cybersecurity levy on all transactions

Two weeks from now any fiat transaction Nigerians makes a levy fee of 0.5 per cent will be charged from your account and according to the government they tagged it cyber security levy, and this is outside other already existing bank charges we have been paying for before now.  You can read the full news in details here https://punchng.com/cbn-orders-banks-to-charge-0-5-cybersecurity-levy/

Is this government just all about taxes?

All this charges by the government will only become a problem if what those tax are been collected for are not well utilized for the citizens to benefit from. Every country surviving today lives on tax and without those taxes, there economy would be affected. Tinubu is an economist and even in the days he was ruling Lagos to become what it is today, it was mostly through those tax he was able to perform the works well. Now is a new era, I hope he can do the same for the whole county after imposing this tax on everyone. IGR will increase, we just hope the money is not swindle and used to make the economy better for all citizens they collect this tracks from.