NBM commends Tinubu on suspension of cyber security levy

Sources: Infopowerng | Tlive Media

The National President of the NBM of Africa, a Pan African Organization, Olorogun Ese Kakor (JP), has commended President Bola Ahmed Tinubu, for the suspension of the proposed 0.5 per cent cybersecurity levy across all electronic transactions in Nigeria.

It would be recalled that President Tinubu, had recently asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.

This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.

The development, however, sparked widespread discontent amongst Nigerians including the NBM, who viewed the policy as not only anti people but retrogressive in nature.

Commenting on the directives of Tinubu, the National President of NBM Of Africa, Olorogun Ese Kakor (JP), opined that the decision of the President was a right step in the direction.

He pointed out that the decision of the president is testament that he listened to the outcry of the people, saying that if allowed the policy would have further impoverished Nigerians.

Olorogun Ese Kakor (JP) described Mr. President as a “listening, responsive, and reactive person,” who according to him is concerned with the affairs of the citizens.

“What Mr. President did by calling for the suspension of the cybersecurity levy, is something that is highly commendable, because we have known him for a very long time and we know him to be a listening, responsive and reactive person.

“So, I am not surprised that he immediately ordered that it should be suspended. Secondly, it is good that the President has acted and so we will go back to the drawing table to look at the act again.

“Cybercrime, no doubt, is an important part of security and that is why every government would want to look at the enabling law that would strengthen it and give more powers to the institutions charged with that responsibility to ensure efficiency and address the serious cybercrime ravaging the country and spoiling our reputation as a country.

“So, we really want to commend the president for that. We also want to urge Nigerians to agree with this government that this cybercrime issue is one that its law needs to be critically upgraded”, he concluded by urging Nigerians to be patient with Ahmed Bola Tinubu’s led government and support his policies,that soonest the economy of the country will be stable.