Reps. stand down motion for suspension of CBN’s cybersecurity levy

The House of Representatives has stepped down the motion to suspend the cybersecurity levy introduced by the Central Bank of Nigeria, which has sparked widespread discontent among Nigerians.

Mr. Manu Soro moved the motion during the Wednesday plenary session, arguing that the levy was inappropriate given the current hardships faced by Nigerians.

The lawmaker, in defence of his motion, stated that the National Security Adviser is a political office and has no mandate to manage accruals.

However, the Speaker, Mr. Tajudeen Abbas, urged the lawmaker to step down the motion to allow the House’s leadership to deliberate on how best to address the situation.

Netizens expressed their dissatisfaction with the new apex bank policy, highlighting that banking transactions are becoming increasingly costly due to numerous charges.

A user on the X microblogging platform, Sarki, wrote: “In a country plagued by hardship, poverty, & unemployment, the federal government has introduced new cyber security levies.”

Lola Okunrin, another user, noted that “Cybersecurity Levy in a country where it’s looking like bank staff are giving out our banking details to scammers. Our cyberspace is not secure at all, and we are getting charged for it.”

Persecondnews recalls that the CBN issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, indicating that the levy would come into effect two weeks from May 6.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.

“The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.”