Why national cybersecurity levy should be suspended – Bauchi lawmaker tells House of Reps

The member representing Darazo/Ganjuwa Federal Constituency of Bauchi State at the House of Representatives, Mansur Soro, moved a motion on Wednesday for the suspension of the national cybersecurity levy by the Central Bank of Nigeria.

Soro expressed concerns about the timing of the levy, considering the ongoing challenges faced by many Nigerians.

The lawmaker believed that the National Security Adviser is a political office and should not be responsible for handling accumulated funds.

Soro urged the House to call for the reversal of the levy and to refrain from introducing new taxes or increasing existing ones amid the current economic difficulties.

Moving the motion on the floor of the House on Wednesday, the lawmaker said: “The CBN has on Monday, 6th May 2024, directed commercial and merchant banks, mobile money operators and financial services providers and institutions to begin the process of deducting 0.05% as a levy on all electronic transactions by customers and remitting the same to the Office of the NSA.

“The House is concerned that the National Cybersecurity Levy will have a maximum negative impact on financial transactions, financial inclusion and the cashless policy of the CBN.”

He further said: “The House is disturbed that the implementation of the national cybersecurity levy is coming at a time of widespread toughness caused by skyrocketing prices of commodities in the markets and general living costs.”

Soro urged the House to call for the reversal of the levy and to refrain from introducing new taxes or increasing existing ones amid the current economic difficulties.

Speaker Tajudeen Abbas, however, suggested withdrawing the motion to allow for further discussion within the House leadership.

Why national cybersecurity levy should be suspended – Bauchi lawmaker tells House of Reps