Reps want cybersecurity levy suspended, Senate backs CBN policy

The Senate contended that the cybersecurity levy came into being through a collaborative effort that involved the National Assembly’s ICT and Cyber Security Committee and a transparent public hearing process, with contributions from various stakeholders.

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According to the Senate, both arms of the National Assembly unanimously passed it before President Bola Ahmed Tinubu signed it into law.

It also argued that the levy was not punitive, but aimed at protecting national security and the economy.

Chairman of the Senate Committee on National Security and Intelligence, Senator Shehu Umar Buba, APC Bauchi South, who addressed the controversy surrounding the proposed implementation of the cybersecurity levy by the CBN yesterday , said that the levy was provided for in the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act, 2024.

Senator Buba noted that the provisions of the cybersecurity levy had been in place since 2015 but were delayed due to unclear interpretations and applications.

He, however, clarified that the levy was not punitive as it had numerous exemptions to protect and relieve ordinary citizens, particularly the poor.

According to him, the exemptions include salary payments, intra-account transfers, loan disbursements and repayments, and other financial transactions.

But the House of Representatives directed the CBN to suspend implementation of the proposed levy.

It also mandated its Committees on Banking Regulations, and Banking and other ancillary institutions to guide the CBN properly.

This followed the adoption of a motion of urgent public importance moved by the House Minority Leader, Kingsley Chinda, PDP Rivers, and 359 others

Reps want cybersecurity levy suspended, Senate backs CBN policy