The Member representing Darazo/Ganjuwa Federal Constituency of Bauchi State at the House of Representatives, Mansur Soro has moved a motion for the suspension of the National Cybersecurity levy by the Central Bank of Nigeria (CBN).
Soro raised a concern during Wednesday’s session, pointing out that the proposed levy is ill-timed given the difficult circumstances many Nigerians are facing right now.
The lawmaker believed that the National Security Adviser is a political office and should not be responsible for handling accumulated funds.
While moving the motion during the session, 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 the deductions of 0.05% as levy on all electronic transactions by customers and remit same to the Office of the NSA.”
Mansur Manu Soro stressed that, “The House is aware of the assurances made by the government that its plans to increase revenue base of the country would not result into the introduction of new taxes or increasing tax rates.”
“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 added.
He further said, “The House is worried that the removal of the petroleum and electricity subsidies and the Naira devaluation have caused massive improvements of Nigerians and destruction of livelihoods.”
He also said that “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 cost.”
“Further disturbed that the fund management model may be defective and inefficient and subject to leakages as the office of the NSA is a political office with no mandate and prerequisite to manage revenue accruing,” he added.
Mansur Manu Soro urged the House to resolve as follows: Call on the CBN to reverse the issuance of the said circular and discontinue the process of implementing the national cybersecurity levy with immediate effect.
He also wants the House to call on the Minister of Finance to ensure that there is no new tax introduction or increase in the existing tax system under the current economic situation in the country until the situation improves.
But Speaker Tajudeen Abbas, encouraged the lawmaker to withdraw the motion so that the House leadership can discuss the situation and find the best way to handle it.
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