By Suleiman Umaru
Threats by the likes of Chris Ajaero led Nigerian Labour Congress, NLC and the Leadership of the Trade Union Congress, TUC, to paralyse the economy by dragging the workers out on strike to protest the introduction of the 0.5% cyber security Levy by the Central Bank of Nigeria, CBN, under the close watch of Olayemi Michael Cardoso, may have informed why President Bola Ahmed Tinubu had suspended it.
Mohammed Idris, minister of Information and National Orientation, had made it clear to those that cares to listen that the position of the government on the cyber-security issue has been settled, stating that the policy has been suspended for now as it is being reviewed.
Ali Ndume, the Senate Chief Whip, had said that the Nigerian President’s move did not come to many as a surprise, describing him as ‘’a listening, responsive and reactive person,’’ who is concerned with the affairs of the citizens.
An appreciative Ndume had said that ‘’it is a good thing that the President acted which will give the office of the NSA, CBN, and the Federal ministry of Finance officials, the opportunity ‘’to go back to the drawing board to look at the policy again and come out with something that will be acceptable by Nigerians’’.
The Borno state born Senator who had describe cyber crime as an important part of the country’s security architecture had said that former President Muhammadu Buhari’s Administration was in a hurry to look at the enabling Law to address the problem that he was said to have signed the enabling Act in 2015 to strengthen and give more powers to Institutions charged with the responsibility to ensure efficiency and address serious cyber crime ravaging the country.
The Lawmaker had said that the 2015, cyber security Bill had been hurriedly passed by the National Assembly in 2015 and signed by the then President, leading to an oversight by the present Tinubu’s Administration ‘’to get into the nitty-gritty of the issue in order to get some crucial details’’.
Appealing to Nigerians to take advantage of the suspension of the cyber security levy and come up with possible implementable suggestions, the Lawmaker stated that ‘’ it is the only to help fight cyber crime in Nigeria’’.
As a prelude to the suspension of the CBN, controversial levy, by the Nigerian President, who incidentally was a former Lagos state governor, Idris, the minister of Information and National Orientation, had said that the Federal Executive Council, FEC, had taken advantage of the two-day retreat at the Aso Rock, to take a critical look at the levy and came to the conclusion that it has to be suspended. The minister had said that the former Lagos state had made it clear that the apex Bank’s policy must be reviewed.
The cyber- security levy which was said to have been introduced by the CBN, the on the recommendations of the National security Adviser, NSA, Nuhu Ribadu, a retired Assistant Inspector General of Police, and a-one time Chairman, Economic and Financial Crimes Commission, EFCC, was said to have received barrage of criticisms from Nigerians from all works of life.
The CBN, had issued a directive to the Money Deposit Banks, MDB, Mobile Money Operators, MMO, Payment Service Providers, PSP, and other Financial Institutions, mandating the implementing of a cyber-security levy on electronic banking transactions, to raise money to fund the country’s cyber-security crime under the supervision of the office of the NSA.The electronic transactions levy are to be collected by the MDBs, MMO and PSP, including the other Financial Institutions and remitted to the NSA’s office for disbursement to the relevant security agencies .
The levy set at 0.5% of the value of the electronic transactions, may have been initiated by the office of the NSA, in response to the escalating concerns over cyber threats which was said to have followed the guidelines of the passage of the ‘’Cybercrime (Prohibition, Prvention,etc) Amendment bill, 2004, which had been signed into Law by President Tinubu, last February.
In introducing the cyber security Levy, the apex Bank Authorities had said that that the measure was crucial to raise revenue for enhancing the security network of financial transactions across the 36 states of the Federation and Abuja, the Federal Capital Territory, FCT.
Aware that the Nigeria economy, which the World Bank and the International Monetary Fund, IMF, had said is still struggling to survive may further go down the if Labour should carry out its threats of going on strike to protest against the introduction of the 0.5% cyber security levy on behalf of the office of the NSA, may have informed why the former Lagos state governor , who could not hide feelings had directed the CBN, to put on hold the collection of the cyber security levy by Commercial Banks and other Financial Institutions to avoid overburdening vulnerable Nigerians who were already battling economic hardship occasioned by President Tinubu’s removal of subsidy on Premium Motor Spirit, PMS, popular, petrol and the unification of both the Autonomous Foreign Exchange Market and the Parallel, popular, Black Market Exchange rate, which was to be at the instance of the world Bank, IMF and other Multilateral Financial Institutions.
The Nigerian Government may have been encouraged to drop the obnoxious CBN , cyber security levy, because the world class firm, KPMG, that provides audit, tax and advisory services was said to have raised issue with the timing of the levy by the apex Bank, insisting that ‘’it is ill-timed under the current economic situation of the country which ha collapsed. The Senate Committee on National Security and Intelligence, which ought to have support the introduction of the levy was said to have also kicked against it. The Committee was said to have made the President to understand that the cyber security levy was not target at individuals but meant for financial institutions and telecommunication companies to benefit from it.
Ngozi Okonjo Iweala, a former minister of Finance and Coordinator of the Economy , under the erstwhile President Goodluck Jonathan’s Administration and now Director General, World Trade Organisation, WTO, may have lent her voice for the suspension of the Cyber security levy when she urged the Government ‘’to streamline its taxes and levies, in order not to constitute an undue burden to the citizenry.
T Socio –Economic Rights and Accountability Project, SERAP, which could not accept the policy, was said to have urged the Nigerian President to use his Executive powers to direct the CBN, governor and his management team to withdraw the cyber-security levy on Nigerians.
The Leadership of SERAP, were said to have also asked Tinubu, to stop the office of the NSA, from implement section 44, which gave room for the cyber-security levy and other repressive provisions of the Cyber Crimes Act, 2024, noting that the implementation of the Act, flagrantly violates the provisions of the African Union, AU, Charter on Human and People’s Rights and International Covenant on Civil and Political Rights , which the Nigerian Government s a signatory to.
SERRAP had said that section 4 (8), of the Cyber-security Act ought to have been repealed because it has criminalized the non-payment of the 0.5% cyber-security levy , describing it as’’ grossly unlawful and unconstitutional’’.
The Group was emphatic that the Tinubu’s Administration must urgently take concrete and effective steps to repeal section 44,(8) of the Cyber Security Act and other repressive provisions of the Cyber-security Act, 2024.
The Nigerian President and the of the Federal Executive Council, FEC, members, may have read the handwriting on the wall that there is dangers ahead if the cyber security levy was not withdrawn to review the modalities hat he has no option but to do so.
