The Nigeria House of Representatives is calling for the suspension of the cybersecurity levy placed by CBN on Nigerians. The levy has aroused negative reactions from Nigerians and currently serves as a major concern to the federal government.
A member of the House of Representatives, Honourable Manu Soro, moved a motion on the house’s grounds on Wednesday, as he explained that the cybersecurity levy by the Central Bank of Nigeria is coming at a very wrong time. He explained that Nigerians are going through a lot and will not have room to take in more. The current living conditions of Nigerians are porous, the Hoñorable Minister lamented.
The Hoñorable again argued that the National Security Adviser is a political office with no authority to manage accruals.
The Speaker of the House of Representatives, Tajudeen Abbas, insisted that the Hoñorable Minister step down his motion to allow the House’s leadership to deal with the issue as effectively as possible.
However, the Nigeria Labour Congress (NLC) also called for the suspension of the cybersecurity levy, calling the levy, which is on electronic transactions, another burden on Nigerians.
The Central Bank, in a circular issued to various financial institutions, indicated that the levy will take effect two weeks from May 6. The financial institutions include commercial, merchant, non-interest and payment service banks
With the introduction of the levy, there was widespread criticism among Nigerians and other civil society and organisations.
The NLC president Joe Ajaero rejected the policy stating that such a deduction would affect the disposable income of workers and would further cripple the purchasing power of the common man.
He also claimed that the levy is another scheme by the ruling party to continue to exploit and extort money from the helpless masses.
“The Nigeria Labour Congress recognises the importance of cybersecurity in today’s digital age,” the statement reads.
“However, imposing such a levy on electronic transactions without considering its implications for workers and vulnerable segments of society is unjustifiable.
“This levy is another tax that is too much for Nigerians, burdening them with additional financial responsibilities.
“We see this levy as another gang-up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses.”
The NLC President complained that domestic manufacturers and other small businesses were folding up due to the country’s current economic crisis.
“We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.
“We reiterate our commitment to championing the rights and welfare of Nigerian workers and the masses,” the NLC President said.
In response to this Crisis, the former presidential candidate of the Labour Party (LP), Peter Obi, asserted that the 0.5 per cent of the cybersecurity levy came in when the government was supposed even to help reduce taxes on the citizens.
“The government is instead introducing new taxes. And when did the office of the NSA become a revenue-collecting centre?” he said in a post on Wednesday his X handle.
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