Speaker Tajudeen Abbas Stops Motion Urging Suspension of Cybersecurity Levy

Speaker of the House of Representatives, Tajudeen Abbas, intervened during a plenary session to pause a motion advocating for the suspension of the controversial cybersecurity levy. The levy, which has triggered widespread discontent among Nigerians, faces renewed scrutiny following this development.

Since the directive by the Central Bank of Nigeria (CBN) mandating banks to deduct 0.5% of the value of electronic transactions from customers, public outcry has intensified. Many Nigerians perceive the levy as an additional financial burden, particularly amidst the country’s prevailing economic challenges.

During Wednesday’s session, Manu Soro, a lawmaker representing Bauchi State, raised concerns over the timing of the levy’s introduction, given Nigeria’s fragile economic condition. Soro argued that imposing new taxes amid escalating living costs and the recent removal of fuel subsidies would further strain citizens’ financial stability.

Soro urged the House to compel the CBN to retract its directive on the cybersecurity levy and halt its implementation immediately. Additionally, he called on the Minister of Finance to refrain from introducing further tax measures until the economic situation improves significantly.

However, Speaker Abbas recommended that Soro temporarily withdraw the motion to allow for thorough deliberation within the House leadership on the best approach to addressing the issue.

Meanwhile, the Trade Union Congress of Nigeria (TUC) has issued a stern warning, threatening to shut down the economy in protest against the impending implementation of the cybersecurity levy. TUC President, Festus Osifo, criticized the levy as unjustifiable, particularly given the hardships faced by Nigerians. Osifo cautioned that the levy’s enforcement could lead to adverse consequences, including decreased financial inclusion and exacerbation of poverty.