The Senate Chief Whip of the National Assembly, Senator Ali Ndume has alleged that if he had known that the cost of the Cyber Crime Act would be transferred to Nigerians, he would have disagreed with the bill on the floor of the Senate. He distanced himself from supporting excessive levies and taxes as he emphasized the importance of aligning fiscal measures with economic realities.
He acknowledged the prevalence of cybercrime and the need for legislative improvements to combat it but stressed the importance of considering the repercussions on ordinary citizens. He clarified that he did not endorse all aspects of the Cyber Crime Act amendment, particularly the levy imposed on Nigerians.
On the 6th of May 2024, the CBN issued a circular to various financial institutions including Commercial, Merchant, Non-Interest, and Payment service banks. The CBN indicated that there will be a 0.5 percent cybersecurity Levy on all banking transactions. The Apex bank stated that the Cyber Security levy is a sequel to the enactment of the Cyber Crime (Prohibition, Prevention) Amendment Act of 2024. It's important to note that the Act was repealed in 2015 and 2018 before it was brought back this year. The Levy shall be paid and credited to the National Cyber Security Fund.
He said in an interview with Channels TV, ''It's very unfortunate. I have been an advocate of looking at those that we govern and represent, that is the people of the country. And you remember that I fought against the communication service tax, it's only that I didn't succeed. You cannot be loading taxes on people when you are not increasing their income.
I'm not part of those that support all these levies. The amendment of the cybercrime act, I supported it but not the nitty gritty. We have issues with cybercrime and there is a need for the government to improve on the cybercrime act. And that is what I understand by the amendment. I take the blame where I have to. If I had known that the cost would be transferred to Nigerians, I would not agree.''