The House of Representatives faced criticism as it withdrew a motion to suspend the controversial cybersecurity levy, eliciting dismay from Nigerians. The levy, mandated by the Central Bank of Nigeria, imposes a 0.5% charge on electronic transactions, sparking widespread discontent due to economic strains.
Speaker Abbas Tajudeen's decision to withdraw a motion aiming to halt the implementation of the contentious cybersecurity levy has ignited debate and discontent among Nigerians. Introduced by the Central Bank of Nigeria (CBN), the levy entails a 0.5% deduction from electronic transactions, prompting widespread rejection due to its perceived burden on citizens.
Lawmaker Manu Soro, representing Bauchi State, raised objections during Wednesday's plenary session, emphasizing the inopportune timing of the levy's introduction amidst Nigeria's economic struggles. Soro argued that imposing additional taxes, especially amid ongoing economic challenges exacerbated by factors such as the removal of fuel subsidies and currency depreciation, would further strain citizens grappling with rising living costs and food prices.
Consequently, he called for immediate action from the House to compel the CBN to retract the levy and suspend its implementation. However, Speaker Abbas Tajudeen advised Soro to temporarily withdraw the motion to allow for further deliberation by the House leadership.
Meanwhile, the Trade Union Congress of Nigeria (TUC) has issued a stark warning, threatening to initiate an economic shutdown if the cybersecurity levy is enforced. TUC President Festus Osifo criticized the levy as illogical, given the current economic hardships faced by Nigerians, and cautioned against its implementation due to its potential adverse effects, including reduced financial inclusion, heightened poverty levels, and worsened economic conditions.
As tensions escalate and stakeholders continue to debate the levy's implications, the situation remains precarious, underscoring the need for careful consideration and decisive action by Nigeria's legislative and executive bodies.
