- Speaker Abbas Tajudeen defers motion on cybersecurity levy suspension, sparking widespread discontent among Nigerians opposing the additional financial burden
- Lawmaker Manu Soro expresses concern over poorly timed levy introduction amid economic hardships, urging reversal and halt in new tax implementations
Abbas Tajudeen, the Speaker of the House of Representatives, made a significant decision yesterday by deferring a motion proposing the suspension of the cybersecurity levy, a move that has generated widespread discontent.
Following the directive from the Central Bank of Nigeria (CBN) instructing all banks to deduct 0.5% of the value of electronic transactions from customers, Nigerians from various sectors have voiced their opposition to the levy, labeling it an additional financial burden.
During Wednesday’s plenary session, Manu Soro, a lawmaker representing Bauchi State, brought forward the motion, expressing apprehension that the introduction of the levy was poorly timed given Nigeria’s current economic climate.
Soro contended that imposing new taxes or increasing existing ones amid the ongoing economic hardships, compounded by the removal of fuel subsidy and the depreciation of the naira, would further strain citizens already grappling with escalating living costs and food prices.
He urged the House to compel the Central Bank of Nigeria to rescind the circular on the cybersecurity levy and halt its implementation immediately. Additionally, he called on the Minister of Finance to refrain from introducing new taxes or raising existing rates until there is a significant improvement in the country’s economic situation.
However, Speaker Abbas advised Soro to temporarily withdraw the motion to allow the House leadership to deliberate on the most appropriate course of action to address the issue.
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