President Bola Ahmed Tinubu, at the weekend, directed suspension of the implementation of the cybersecurity levy, as provided for in the Cybersecurity Act 2015 recently unveiled by the Central Bank of Nigeria , to avoid overburdening citizens who were already battling economic hardship.
That was as Socio-Economic Rights and Accountability Project , BudgIT, and other concerned Nigerians filed a lawsuit against the CBN"over its failure to withdraw the patently unlawful 'circular' directing all banks and other financial institutions to deduct from customers' accounts a cybersecurity levy."
Presidency sources told THISDAY last night that contrary to a report yesterday, the president did not order the CBN to stop the implementation of the cybersecurity levy. The source said Tinubu was not insensitive to public opinion,"which informed why he does not want to overburden businesses and citizens with extra levy.
It hinted that the regulators of these other businesses might issue their implementation guidelines soon. "This is certainly not the right time to implement this levy. Hopefully, the National Insurance Commission and the Nigerian Communications Commission will consider this before introducing their own guidelines with respect to those businesses under their purview."
The firm stated,"It is not sufficient to provide only the revenue projection, which is not certain as no details have been provided with respect to this; albeit there have been reports on how the money would be spent. "Hopefully, government will reconsider delaying the implementation of the levy, which has been in the books since 2015! Government should focus on tax reforms that address revenue leakages and be financially prudent in the utilisation of public fund.
He stated,"The relevant section of the Cybercrime Act is very clear about the businesses that are required to pay the levy, not the citizens. Explaining the amount payable as a cybersecurity levy, Buba said,"It is either 0.005 or 0.5 per cent arithmetically. The figure in the principal act was 0.005 as a fraction, which was converted to the percentage that became 0.5 per cent in the amendment.The legislator highlighted that the passage of the amendment bill was a collaborative effort of various stakeholders.
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