The recent directive by the Central Bank of Nigeria (CBN) to impose a 0.5% cybersecurity levy on almost all electronic transactions has drawn criticism from the Trade Union Congress (TUC) and the Lagos Chamber of Commerce and Industry (LCCI). The TUC and LCCI have expressed their shock at the decision, with both organisations stating that the levy will only add to the already high cost of living in Nigeria. 
TUC President, Festus Osifo, stated that the policy is illogical since it is being imposed at a time when Nigerians are grappling with the devaluation of the naira, a hike in the cost of petrol, and an increase in the cost of electricity. He further noted that the government's policies have brought pain, anguish, and sorrow to Nigerians since the inception of the administration. TUC calls on the federal government to immediately withdraw the circular and cancel the levy, or they will mobilise members and stakeholders to embark on an immediate protest that could culminate in the total shutdown of the Nigerian economy.
The LCCI also expressed its deep concern, saying that the funds from the cybersecurity levy might not be used to enhance Nigeria's cybersecurity architecture to guarantee cyber-safety for technology users. The Director General of LCCI, Dr. Chinyere Almona, demanded that the levy should be withdrawn to allow more consultations with critical stakeholders. She noted that the directive that the remittance of the levy should go to the Office of National Security Adviser suggests that the funds may not be used to enhance Nigeria's cybersecurity architecture to guarantee cyber-safety for technology users in Nigeria.
LCCI further urged the government to work towards amending the enabling law to reflect current realities, initiate programmes that reflate the economy, and invest more in digital infrastructure to support business operations. The organisation warned that any imposition of additional cost burden will slow down economic activities, especially in the face of biting inflation that has continued to weaken the purchasing power of consumers and with companies burdened with a rising cost of production.
Labour Party (LP) presidential candidate in the 2023 general election, Peter Obi, also criticised the new levy, describing it as "taxes too many and aimed at milking a dying economy". Similarly, Senior Advocate of Nigeria (SAN), Kunle Adegoke, said that the 0.5% cybersecurity levy banks will charge on electronic transfers will increase hardship for poor Nigerians.
In summary, the TUC, LCCI, and other stakeholders have expressed their concerns over the new cybersecurity levy, citing its potential negative impact on Nigeria's economy. They have called on the government to reconsider the implementation of the directive as its timing is wrong, and the justification is unclear.
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