The National Assembly witnessed a rift between its two chambers, the Senate and House of Representatives, regarding the Central Bank of Nigeria’s (CBN) introduction of a 0.5% cybersecurity levy, while the Northern Elders Forum (NEF) also voiced its opposition to the policy.
The Senate defended the levy, asserting that it was enacted into law after extensive collaboration and transparent public hearings. Senator Shehu Umar Buba emphasized that the levy, outlined in the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act of 2024, aimed to bolster national security and economic stability. He clarified that the levy was not punitive and included exemptions to protect ordinary citizens.
Contrary to the Senate’s stance, the House of Representatives called for the suspension of the levy’s implementation, citing ambiguity in the CBN’s directive and public outcry. The House directed the CBN to withdraw its circular and issue a clear directive in alignment with the Cybercrimes Act.
Meanwhile, the NEF joined other socio-cultural and political groups in condemning the levy, denouncing it as arbitrary, illegal, and burdensome for Nigerians. NEF highlighted the escalating costs associated with banking transactions due to multiple charges, including the cybersecurity levy, and urged the government to reconsider the policy.
