….as House of Representatives asks CBN to Withdraw Directive on Levy.
The Senate has allayed the fears of Nigerians of further hardship over the pronouncement of the Cybersecurity Levy by the Central Bank of Nigeria.
The Chairman of the Senate Committee on National Security and Intelligence, Senator Shehu Umar Buba made this known to journalists on Thursday
He said that the levy was provided for in the Cybersecurity Act of 2015 but” the vagueness of Section 44l led to different interpretations until the 2024 amendments.
Buba revealed that the levy was not introduced to inflict pain on Nigerians but rather to bolster the economy which is why there are exceptions in salary payments,loan disbursements and repayments ,intra- account transfers and other financial transactions to protect ordinary citizens.
He said that the Senate was well aware of the levy as members were adequately consulted by the CBN before the introduction of the levy
He explained that the levy is 0.5% ,equivalent to half a percent of the value of all electronic transactions by businesses specified in the Second Schedule to the Act.
It “l addressed crucial gaps in the Act and empowered the Nation to implement the National Cybersecurity Programme effectively ” he said.
Reactions have trailed the introduction of the levy with many including the Organised Labour, professional and ordinary citizens ventilating their anger and frustration on the All Progressives Congress APC government for increasing their pain.
However,reprieve set in on Thursday as the House of Representatives directed the CBN to withdraw its circulat directing banks to start deducting the Cybersecurity Levy on all electronic transactions from Nigerians.
The House argued that the Section containing the Cybersecurity Act was misrepresented saying that the Second Schedule in the Act referred to GSM service providers and all telecommunication companies,Internet service providers,banks and other financial institutions,
Others include insurance companies and the Nigerian Stock Exchange..
