'It's unconstitutional’ -- Agbakoba to sue CBN over cybersecurity levy

Olisa Agbakoba, a senior advocate of Nigeria , says he will challenge the implementation of the controversial cybersecurity levy in court.financial institutions to implement the cybersecurity levy on all electronic transactions.

“So, I am going to court to challenge the imposition by the CBN on levies on the banks which will amount to the banks paying about N3 trillion a year.“That is unconstitutional because what the constitution says is that everything concerning revenue, whether it is tax or non-tax revenue such as the levy in the cybersecurity act, must pass through the federation account for it to now be appropriated by the national assembly.

“It goes back to when Nigeria was always having a deficit budget. Many of the MDAs bypass the federation account and collect monies directly. The number one culprit is the Nigerian National Petroleum Company .“The NNPC collects so much trillions and then spends so much trillions and then gives pocket money to the federal government. That is very wrong.

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CBN: Things to know about Cybersecurity levy on electronic transactions in NigeriaThe recently introduced 0.5 per cent cybersecurity levy by the Central Bank of Nigeria has created an uproar among Nigerians. The Central Bank of Nigeria, in a notice to all banks on Monday, directed them to deduct and remit 0.5% levy on all electronic transactions by Cybercrimes (prohibition, prevention, etc.) (Amendment) Act, 2024.
Source: DailyPostNGR - 🏆 11. / 59 Read more »