The House of Representatives on Wednesday stepped down a motion calling for the suspension of the cybersecurity levy which has elicited negative reactions from Nigerians.
Honourable Manu Soro, who moved a motion on the floor of the house on Wednesday, had explained that the levy was coming at the wrong time, considering the current living conditions of Nigerians.
The lawmaker had argued that the National Security Adviser is a political office, and has no mandate to manage accruals.
However, the Speaker, 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.
Central Bank of Nigeria, CBN, had on Monday issued a circular directing all banks, other financial institutions and payments service providers to implement the 0.5 per cent cybercrime Levy on all electronic transactions.
The Cybercrimes (Prohibition, Prevention, Etc) (Amendment) Act 2024, Section 44 (2)(a), mandates a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act.
The businesses include are GSM Providers and all telcos, internet service providers, banks and other financial institutions, insurance companies and Nigeria Stock Exchange.
