By Mohammed Bello Doka
In a surprising turn of events, President Bola Ahmed Tinubu has reportedly intervened in the implementation of the contentious cybersecurity levy. Amid widespread rejection by Nigerians, Tinubu purportedly directed the Central Bank of Nigeria (CBN) to suspend the implementation of the levy pending further review and consultation with stakeholders.
The decision to halt the levy came shortly after the House of Representatives urged the CBN to retract its circular mandating a 0.5 per cent cybersecurity levy on all electronic transactions. The circular, issued by the CBN on May 6, 2024, aimed to bolster cybersecurity measures in the country by imposing a levy on financial transactions conducted through banks, mobile money operators, and payment service providers.
However, the levy faced vehement opposition from various quarters, including the Nigerian Labour Congress (NLC) and the Centre for the Promotion of Private Enterprises (CPPE). The NLC rejected the levy, arguing that it would further burden Nigerians already grappling with economic hardships. Similarly, the CPPE, in a statement by its director, Dr. Muda Yusuf, called for the suspension of the levy, citing its insensitivity to the prevailing economic challenges faced by Nigerians.
The public outcry against the levy highlighted concerns about its potential impact on the cost of living and the overall economy. Many Nigerians expressed fears that the levy would increase transaction costs, particularly for low-income individuals and small businesses already struggling to make ends meet.
President Tinubu's decision to intervene reflects a responsiveness to public sentiment and underscores the importance of considering the broader implications of financial policies on citizens' welfare. It also signals a commitment to fostering dialogue and consultation with stakeholders before implementing significant policy changes.
As the nation awaits further developments regarding the cybersecurity levy, stakeholders, including government officials, financial institutions, and civil society organizations, are expected to engage in constructive discussions to address cybersecurity concerns while ensuring that any proposed measures are equitable and sustainable for all Nigerians.
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