The Senate’s Chief Whip, Senator Ali Ndume, has lauded President Bola Tinubu for halting the implementation of the 0.5% cybercrime levy that was initially introduced by the Central Bank of Nigeria, CBN.
Ndume expressed his appreciation for the President’s decision, citing him as a “attentive, responsive, and proactive individual,” who prioritizes the welfare of the citizens.
These remarks were made by Ndume during an interview with Arise Television.
The cybersecurity levy, which was set to be imposed on all electronic banking transactions, faced severe backlash from the Nigerian populace.
Commenting on the policy, Ndume remarked, “The President’s directive to suspend the cybersecurity levy aligns with my expectations, given my long-standing acquaintance with him as a responsive and proactive individual. Therefore, I am not surprised by his swift action to suspend it. Furthermore, it is commendable that the President has taken action, prompting us to revisit the legislation.”
“When this administration commenced, the primary concern was tackling cybercrime. Ensuring the security and well-being of citizens, as stipulated in section 14(2) of our constitution, is a fundamental duty of the government. Cybercrime is a critical security issue, prompting the government to swiftly review the existing law enacted in 2015, bolster its provisions, and empower the relevant institutions to enhance efficiency and combat the detrimental effects of cybercrime on the country’s reputation.”
However, Ndume pointed out that the law was passed hastily, resulting in the oversight of crucial details.
Ndume urged Nigerians to examine the law and propose practical suggestions for combating cybercrime in the country.
“We rushed the legislation without thoroughly examining the specifics until the CBN’s announcement. There were oversights in the process, leading to negative reactions from Nigerians. Given the current economic burdens on the populace, it is not the government’s intention to further burden the citizens. I commend the President for his actions and urge Nigerians to collaborate with the government in upgrading the cybercrime law.”
“After reviewing the law following public outcry, I identified deficiencies that require attention. For instance, the levy should amount to 0.5% of the transaction value, but the law lacks clarity on who will bear the cost, causing concern among Nigerians.”
“Although the CBN circular delineates the institutions or businesses responsible for the levy, there are lingering uncertainties. Legislation is subject to revision as issues arise, necessitating continual amendments. I encourage a thorough review of the law, as the amendment is concise, to propose viable solutions.”
“It is reassuring that we all acknowledge the cybersecurity challenges tarnishing the country’s reputation.”
From Nwakaji Peace Martins
