Mr Peter Obi, the 2023 Presidential Candidate of the Labour Party (LP), has faulted the newly introduced cyber security levy, saying it would negatively affect the economy.

Obi said this in a statement by his spokesperson, Dr Yunusa Tanko on Wednesday in Awka.

He said that the focus should shift to nurturing and fully recovering the economy as multiple taxation with the many challenges in the nation will worsen the economic.

He said the cyber levy which is on trading capital of businesses and not on their profit will further erode capital.

According to him, this does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes including stamp duties.

“But this negates the commitment to reduce the number of taxes and streamline the tax system. The levy is on the trading capital of businesses and not on their profit.

“Hence, this will further erode whatever is left of their remaining capital, after the impact of the naira devaluation high inflation rate”, he said.

Obi said that policies such as this, will not only impoverish the citizens but make the country’s economic environment less competitive.

He stressed that at a time like this, government should be reducing taxes to curb inflation, and economic challenges.

The National Secretary Adversary (NSA) should not be a revenue collecting center for the country.