HomeNewsSpeaker, Abbas Tajudeen dismisses member's request to suspend cybersecurity tax.

Speaker, Abbas Tajudeen dismisses member’s request to suspend cybersecurity tax.

Speaker Abbas Tajudeen of the House of Representatives has postponed a motion to suspend the controversial cybersecurity levy.

This decision came amid mounting displeasure following the Central Bank of Nigeria’s (CBN) order that banks deduct 0.5% from the value of electronic transactions, a measure widely criticized by various Nigerian sectors as an undue financial burden.

During the session on Wednesday, Manu Soro, representing Bauchi State, voiced concerns that introducing the levy in Nigeria’s current economic situation was inopportune.

He highlighted that new or increased taxes, particularly in the context of the fuel subsidy removal and the naira’s depreciation, would exacerbate the economic strain on citizens facing rising living costs and food prices.

Soro appealed for the House to demand the CBN retract the directive on the cybersecurity levy and stop its immediate enforcement. He also requested the Minister of Finance avoid introducing or increasing taxes until the nation’s economic conditions markedly improve.

Despite these arguments, Speaker Abbas suggested that Soro temporarily retract the motion, allowing House leadership to consider the best way forward.

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