House Speaker Overrules Member Calling For Suspension Of Cybersecurity Levy

The Speaker of the House of Representatives, Abbas Tajudeen, yesterday stepped down a motion calling for the suspension of the cybersecurity levy, which has sparked widespread dissatisfaction.

Daily Trust reports that since the Central Bank of Nigeria (CBN) directed all banks in the country to begin the deduction of 0.5% of the value of all electronic transactions from customers, Nigerians across different spectrums have rejected the levy, describing it as an additional burden on them.

During Wednesday’s plenary session, Manu Soro, a lawmaker from Bauchi State, presented the motion, expressing concerns that the levy’s introduction was ill-timed given the prevailing economic condition in Nigeria.

Soro argued that imposing new taxes or increasing existing ones amidst the ongoing economic challenges faced by Nigerians, exacerbated by the removal of fuel subsidy and the depreciation of the naira, would only add to the burden of citizens already grappling with rising living costs and food prices.

Soro called on the House to prompt the Central Bank of Nigeria to retract the circular on the cybersecurity levy and cease its implementation immediately.

He also urged the Minister of Finance to refrain from introducing new taxes or raising existing rates until the economic situation in the country 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 in addressing the issue.