The Nigerian house of representatives has stepped down a motion calling for the suspension of the cybersecurity levy which has elicited negative reactions from the populace.
Representative Manu Soro of Bauchi state had earlier moved a motion on the floor of the house on Wednesday explaining that the levy was coming at the wrong time, considering the current living conditions of Nigerians. The lawmaker argued that the national security adviser is a political office, and has no mandate to manage accruals.
Soro argued that imposing new taxes or increasing existing ones amidst the ongoing economic challenges faced by Nigerians, exacerbated by the removal of fuel subsidy and the depreciation of the naira, would only add to the burden of citizens already grappling with rising living costs and food prices.
Soro called on the House to prompt the Central Bank of Nigeria to retract the circular on the cybersecurity levy and cease its implementation immediately.
He also urged the Minister of Finance to refrain from introducing new taxes or raising existing rates until the economic situation in the country improves significantly.
However, speaker of the house, Tajudeen Abbas, urged the lawmaker to step down the motion to allow the leadership of the house to deliberate on how best to address the situation.
Meanwhile leaders of the Nigeria labour congress (NLC) described the cybersecurity levy introduced by the central bank of nigeria (CBN) on all electronic transactions as another burden on Nigerians.
According to a circular issued to various financial institutions, including commercial, merchant, non-interest, and payment service banks, the apex bank indicated that the levy would come into effect from May 6th.
