MY RECOMMENDATION TO CBN/FG:
The sensible thing to do is to apply this levy IF we have to apply it at all on those who are rich. NOT on the poor and NOT on everyone.
The sensible thing to do will have been to say the 0.5% bank transaction levy only apply to transactions from 10million naira and above.
That way, you protect the poor, you protect the masses and you focus the tax on the rich.
Right now, with the levy as it is;
Every time you send 1,000 naira you pay extra 5naira. Every time you send 10,000 naira you pay extra 50naira. Every time you send 100,000naira you pay 500naira, Every time you send 500,000naira you pay extra 2,500naira.
The vast majority of Nigerians- who are poor and struggling- do the most bank transactions under/around 500,000naira. And to make these poor struggling people pay extra money per transaction is callous, cruel and inhumane.
This is an open public appeal to the federal government and the CBN. Please carry on with your levy if you have to- but please target the rich only, and please spare the lives and the finances of the masses.
Please let the poor breathe.
Do NOT strangle and suffocate the poor to death.
A fair sensible compromise is to put a minimum transaction amount for the levy to kick in. I suggest that this 0.5% cybersecurity levy should NOT apply to anyone who sends any money less than 10million naira.
Pls repost if you agree.
Kindly join to lend your voice until this policy is reversed.