During a recent session at the House of Representatives, Mansur Soro, the representative for Darazo/Ganjuwa Federal Constituency in Bauchi State, put forward a motion to halt the enforcement of the national cybersecurity levy mandated by the Central Bank of Nigeria.
Soro raised concerns about the unfortunate timing of the levy amidst the current hardships being experienced by many Nigerians.
Expressing his stance, the lawmaker emphasized that the responsibility of managing accumulated funds should not rest with the National Security Adviser, a political position.
He called upon the House to push for the cancellation of the levy and to avoid introducing new taxes or escalating existing ones in light of the prevailing economic challenges.
Speaking during the session, Soro highlighted, “On Monday, May 6, 2024, the CBN issued a directive to various financial entities to start deducting 0.05% as a levy on all electronic transactions made by customers and remit the proceeds to the NSA’s office.”
He added, “The House is concerned that the National Cybersecurity Levy could severely impact financial transactions, financial inclusion, and the CBN’s cashless policy.”
Furthermore, he expressed, “The House is troubled by the timing of the implementation of the national cybersecurity levy, coinciding with the prevalent hardships stemming from exorbitant market prices and general living expenses.”
Soro urged the House to call for the levy’s reversal and refrain from imposing new taxes or increasing current ones amid the ongoing economic adversities.
Although Speaker Tajudeen Abbas proposed withdrawing the motion to allow for further deliberation within the House leadership.