 |
| Speaker Dismisses Motion to Suspend Cybersecurity Levy - Android Pols |
Soro contended that the introduction of new taxes or the increase of existing ones, in the midst of economic difficulties marked by fuel subsidy removal and naira depreciation, would further burden citizens already struggling with high living costs and food prices.
The Speaker of the House of Representatives, Abbas Tajudeen, yesterday dismissed a motion that sought the suspension of the cybersecurity levy, which has caused widespread discontent.
According to Daily Trust, the Central Bank of Nigeria (CBN)'s directive for banks to deduct 0.5% from the value of all electronic transactions has met with opposition from Nigerians, who view it as an extra financial strain.
In Wednesday’s plenary session, Manu Soro, a representative from Bauchi State, introduced the motion, voicing concerns over the timing of the levy amidst Nigeria's current economic situation.
Soro contended that the introduction of new taxes or the increase of existing ones, in the midst of economic difficulties marked by fuel subsidy removal and naira depreciation, would further burden citizens already struggling with high living costs and food prices.
He implored the House to urge the Central Bank of Nigeria to rescind the circular on the cybersecurity levy and halt its immediate enforcement.
He also appealed to the Minister of Finance to avoid introducing new taxes or increasing existing ones until there is a significant improvement in the country's economic climate.
Nonetheless, Speaker Abbas suggested Soro temporarily set aside the motion, allowing the House leadership to consider the most appropriate response to the matter.
TUC Warns of Shutdown Over Cybersecurity Levy
The Trade Union Congress of Nigeria (TUC) has warned of a potential shutdown of the economy if the implementation of the cybersecurity levy on electronic transactions proceeds.
The union has called on the federal government to instruct the Central Bank of Nigeria (CBN) to cancel its directive to financial institutions to prevent the shutdown.
TUC President, Mr. Festus Osifo, issued the warning in a statement on Wednesday.
Osifo denounced the cybersecurity levy as unreasonable, especially given the high cost of living challenges currently faced by Nigerians.
He noted that numerous government policies are intensifying hardships for the populace and causing businesses to shut down due to an inhospitable business climate.
Osifo cautioned that the levy's implementation might lead individuals to stash cash at home, diminish financial inclusion, escalate poverty, and further deteriorate the nation's economic conditions.
By Itodo Daniel Sule, Balarabe Alkassim & Abbas Jimoh
