Motion for Suspension of Cybersecurity Levy Faces Major Setback
A motion seeking the suspension of the cybersecurity levy has encountered a significant setback at the House of Representatives.
Honourable Manu Soro, who tabled the motion on Wednesday, argued that the imposition of the levy comes at an inopportune moment, given Nigeria’s current economic challenges.
Soro contended that the National Security Adviser, being a political office, lacks the mandate to oversee the management of such accruals.
However, Speaker Tajudeen Abbas advised Soro to withdraw the motion to allow the House leadership to deliberate on the best course of action to address the matter.
Meanwhile, the Nigeria Labour Congress (NLC) has strongly criticized the proposed cybersecurity levy introduced by the Central Bank of Nigeria (CBN) on all electronic transactions, describing it as an additional burden on Nigerians.
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According to a circular issued to various financial institutions, including commercial, merchant, non-interest, and payment service banks, the levy is slated to take effect two weeks from May 6.
The introduction of the levy has sparked widespread condemnation among Nigerians and civil society organizations.
Rejecting the policy, NLC President Joe Ajaero asserted that such deductions directly impact workers’ disposable income and further erode the purchasing power of ordinary citizens.
Ajaero condemned the directive as yet another ploy by the ruling elite to extort and exploit workers and the masses.
While acknowledging the importance of cybersecurity in today’s digital era, the NLC emphasized that imposing such a levy on electronic transactions without due consideration for its implications on workers and vulnerable segments of society is unjustifiable.
The NLC president expressed concern that domestic manufacturers and businesses are already suffering due to the stifling socio-economic environment.
“We urge a collaborative approach between the government, regulatory bodies, and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace,” Ajaero stated.
Similarly, the Trade Union Congress (TUC) has advised the federal government to rescind the cybersecurity levy or brace for a nationwide economic shutdown.
The fate of the cybersecurity levy now hangs in the balance as stakeholders await further deliberations and potential action from relevant authorities.
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