Suspend implementation of cybersecurity levy, Tinubu orders CBN

, President Bola Tinubu has put the brakes on Nigeria’s contentious cybersecurity levy, responding to public outcry and parliamentary pressure. The move comes after a storm of criticism and confusion surrounding the Central Bank’s directive to impose a 0.5 per cent levy on all electronic transactions.

House Demands Clarity: CBN Circular Under Fire

The House of Representatives, echoing the concerns of the Nigerian people, demanded clarity and coherence in the implementation of the cybersecurity levy. The uproar was sparked by what many described as an “ambiguous” directive from the Central Bank, stirring fears of economic strain for ordinary citizens already grappling with various levies.

Tinubu’s Decisive Action: A Breath of Fresh Air

Sensitive to the economic burdens faced by Nigerians, President Tinubu swiftly intervened, ordering a suspension of the controversial levy and calling for a comprehensive review. Sources close to the President revealed his commitment to governance that listens to the people’s voices, signaling a departure from policies perceived as insensitive.

Tax Reforms for the People: VP Shettima Speaks Out

Vice President Kashim Shettima emphasized that the government’s tax reforms aim to benefit all Nigerians, dispelling speculations of punitive measures. Addressing concerns at a fiscal policy retreat, Shettima reaffirmed the administration’s commitment to creating an enabling environment for sustainable investment and economic growth.

PDP, Labour, and Civil Society React: Applause and Calls for Further Action

The suspension of the cybersecurity levy garnered widespread praise from opposition parties, civil society organizations, and labor unions. The Peoples Democratic Party hailed the decision as a victory for the people, while the Nigeria Labour Congress demanded a complete reversal of the directive, citing deepened financial burdens on citizens.

SERAP Threatens Legal Action: Deadline Set

Socio-Economic Rights and Accountability Project (SERAP) issued a stern warning, giving the Federal Government 48 hours to withdraw the levy or face legal action. The group argued that the levy violated constitutional provisions and international human rights standards, intensifying pressure on authorities to act swiftly.

Economic Experts Weigh In: Timing and Impact

Economic analysts commended President Tinubu’s decision, cautioning against policies that exacerbate financial hardships. While acknowledging the importance of cybersecurity measures, experts emphasized the need for a balanced approach that prioritizes the welfare of Nigerians, particularly in challenging economic times.

What’s Next?

As Nigeria navigates the complexities of cybersecurity and economic policy, all eyes are on the government’s next steps. With public sentiment clear and pressure mounting, decisive action is imperative to restore confidence and ensure policies that truly serve the interests of all Nigerians.

Stay tuned for further updates on this evolving story.