The Trade Union Congress (TUC) has threatened to shut down Nigeria’s economy if the Federal Government fails to reverse the cybersecurity levy introduced by the Central Bank of Nigeria.

Reacting to the directive from the CBN to commercial banks and other financial institutions, the congress in a statement today signed by its president, Festus Osifo, slammed the CBN for imposing a new 0.5% cybersecurity levy “at a time when Nigerians are grappling with the high cost of living” and already dealing with multiple taxation from banks and the government.

Describing the introduction of the levy as a conspiracy of the oppressors against the masses, the union said the levy must be resisted by all well-meaning Nigerians, highlighting the Naira devaluation, hike in petrol cost, and recent increase in electricity tariff as some of the economic hardships Nigerians currently dealing with.