President Bola Tinubu Orders Review After Backlash Over Controversial Policy
In a dramatic twist, President Bola Tinubu has stepped in to halt the implementation of a contentious cybersecurity levy, following uproar from Nigerians and lawmakers alike. The move comes amidst concerns over the levy’s potential economic impact and ambiguities in its execution.
The directive, issued by the Central Bank of Nigeria (CBN) on May 6, mandated financial institutions to levy a 0.5 per cent cybersecurity fee on all electronic transactions. However, after the House of Representatives called for its withdrawal, citing ambiguity and misinterpretations, Tinubu swiftly ordered a review.
The levy, designed to bolster cybersecurity measures in line with the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024, sparked debates nationwide. Critics voiced worries over its potential to burden businesses and consumers alike.
According to sources close to the President, Tinubu’s decision reflects his commitment to easing the economic strain on Nigerians. Sensing the public pulse, he opted for a review to ensure fairness and clarity in policy execution.
The news of the levy suspension drew widespread praise, with stakeholders lauding Tinubu’s responsiveness to public concerns. The move underscores a listening government keen on aligning policies with citizens’ welfare.
Mixed Reactions Trail Levy Suspension
While many welcomed Tinubu’s intervention, others called for a complete reversal of the levy, citing its adverse impact on an already strained populace.
The Peoples Democratic Party (PDP) hailed the suspension, branding the levy as “anti-people” and “insensitive.” Debo Ologunagba, the party’s National Publicity Secretary, emphasized the need for policies that alleviate rather than exacerbate financial burdens.
Labour unions echoed similar sentiments, denouncing the levy as another burden on citizens grappling with economic challenges. The Nigeria Labour Congress (NLC) demanded a complete reversal, urging the government to prioritize measures that ease financial strains.
In a bold move, the Socio-Economic Rights and Accountability Project (SERAP) threatened legal action if the levy wasn’t withdrawn within 48 hours. The group argued that the levy contravened constitutional provisions and international human rights obligations.
Govt’s Commitment to Inclusive Review
In response to public outcry, Vice President Kashim Shettima assured that the Tinubu administration’s tax reforms aim to benefit all Nigerians. He emphasized the need for an administrative system that fosters investment while considering citizens’ welfare.
As stakeholders await the outcome of the review, the spotlight remains on the government’s commitment to inclusive policymaking. With citizens’ voices amplified and government responsiveness evident, the cybersecurity levy saga underscores the power of public engagement in shaping policy decisions.