Cybersecurity levy suspension tears lawmakers apart, speaker overrules

Cybersecurity levy suspension tears lawmakers apart, speaker overrules

The Speaker of the House of Representatives, Abbas Tajudeen, intervened on Wednesday to halt a motion calling for the suspension of the controversial cybersecurity levy, which has sparked widespread dissatisfaction among Nigerians.

Since the Central Bank of Nigeria (CBN) mandated all banks to deduct 0.5% of the value of electronic transactions from customers, Nigerians from various sectors have vehemently opposed the levy, labelling it an additional financial burden.

During Wednesday’s plenary session, Manu Soro, a lawmaker from Bauchi State, presented the motion, citing concerns about the timing of the levy’s introduction amidst Nigeria’s prevailing economic challenges.

Soro argued that imposing new taxes or increasing existing ones amid the current economic difficulties exacerbated by the removal of fuel subsidies and currency depreciation would only add to citizens’ financial woes.

READ ALSO:

• EFCC to arraign Sirika, daughter over fresh N2.7 billion contract scam
• Breaking: Fubara bars all LGA heads from appearing before Rivers Assembly
• Russia urges Israel to comply with international humanitarian law in Rafah

He called on the House to urge the CBN to retract the circular on the cybersecurity levy and halt its implementation immediately. Additionally, he urged the Minister of Finance to refrain from introducing new taxes or raising existing rates until the economic situation improves significantly.

However, Speaker Abbas advised Soro to temporarily withdraw the motion to allow the House leadership to deliberate on the best course of action to address the issue.

In a related development, the Trade Union Congress of Nigeria (TUC) threatened to shut down the economy over the plan to implement the cybersecurity levy on electronic transactions. TUC’s president, Mr. Festus Osifo, criticized the levy as illogical, particularly given the current economic challenges faced by Nigerians. He warned that its implementation could worsen poverty and deepen the economic crisis in the country.

Cybersecurity levy suspension tears lawmakers apart, speaker overrules