Specifically, they called for a complete reversal of the policy, which they described as insensitive.

The cybersecurity levy, meant to be imposed on online banking transactions, had earlier been rejected by many Nigerians.

On May 6, the CBN communicated a new policy requiring financial institutions to introduce the cybersecurity levy.

The CBN said the levy pegged at 0.5 per cent of all electronic transaction values is a provision of the recently passed 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.

The purpose of this levy, according to the bank, is to bolster the nation’s cybersecurity initiatives, which are overseen by the Office of the National Security Adviser.

Through a circular addressed to banks, the CBN mandated financial institutions to commence the imposition of the cybersecurity levy.

The circular, endorsed by the CBN’s Director of Payments Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation, Haruna Mustafa, clarified that the new surcharge collection was in response to the enactment of the 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act.

However, prominent Nigerian groups including the Reps and NEF urged the apex bank to withdraw the “ambiguous” circular in existence and issue an unequivocal circular in line with the letters and spirit of the Cybercrimes (Amendment) Act, 2024.

The House also directed its committees on Banking Regulations, and Banking and Other Ancillary Institutions to guide the CBN properly.

The resolution followed the adoption of a motion of urgent public importance moved by the House Minority Leader, Kingsley Chinda and 359 others.

Moving the motion, Chinda who represents the Obio/Akpor Federal Constituency, Rivers State, noted that the CBN through a circular to all commercial, merchant, non-interest and payment service banks; other financial institutions, mobile money operators and payment service providers (“CBN Circular”) dated May 6, 2024, informed Nigerians of a proposed 0.5 per cent levy on electronic transactions in line with Section 44(2) (a) of the Cybercrimes  (Amendment) Act, 2024.

He maintained that Section 44(2)(a) of the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act, 2024 provides that “A levy of 0.5 per cent (0.005) equivalent to half per cent of all electronic transactions value by businesses specified in the Second Schedule to the Act” be paid into the Cybersecurity Fund.”

He explained, “The House notes that businesses which the said Section 44(2)(a) refers to are listed in the Second Schedule to the Cybercrimes Act to be GSM Service Providers and all telecommunication companies; Internet Service Providers; Banks and Other Financial Institutions; Insurance Companies and the Nigerian Stock Exchange.

The CBN circular mandates all banks, other financial institutions and payments service providers to implement the Cybercrimes Act by applying the levy at the point of electronic transfer origination as ‘cybersecurity Levy’ and remitting same.

“The wordings of the CBN circular leaves the directive to multiple interpretations including that the levy be paid by bank customers, that is, Nigerians against the letters and spirit of Section 44(2)(a) and the Second Schedule to the Cybercrimes Act, which specifies the businesses that should be levied accordingly.”

The development according to the lawmaker, “has led to apprehension as civil society organisations and citizens have taken to conventional and social media to call out the Federal Government, give ultimatums for a reversal of the imposed levy on Nigerians among other things.

He argued that unless immediate pragmatic steps were taken to stop the proposed action of the CBN, “The Cybercrime Act shall be implemented in error at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and so on and the rising inflation.”

Recall that the Northern Elders Forum, NEF, had called for Buhari’s resignation due to the high rate of insecurity in the North and the country at large.

The Spokesman of the group, Hakeem Baba Ahmed had insisted that Buhari had failed to protect Nigerians and needed to resign as the President of Nigeria.

Alos, Nigerians from various walks of life has asked the President to resign in the wake of Boko Haram’s massacre of farmers in Borno State and the general insecurity in Nigeria.

But Mohammed insisted that Buhari would complete his tenure despite calls to resign from several quarters, stating that those calling for Buhari’s resignation were playing dirty and cheap politics.

He disclosed this during a meeting with members of the Newspaper Proprietors Association of Nigeria, NPAN, in Lagos.

“In the wake of the killing, there have been calls in some quarters for Mr. President to resign. Well, let me say here that this call amounts to playing dirty politics with the issue of security, and it is cheap and irresponsible.

“Mr. President was elected in 2015 for a four-year term and re-elected in 2019 for another four-year term. No amount of hysterical calls for resignation will prevent him from serving out his term.

“Now, let’s put things in context. Before Mr. President assumed office, Boko Haram could stroll into any city, especially in the north, to carry out deadly attacks. Abuja, the nation’s capital, Kano, Maiduguri, Jos, Damaturu, etc were regularly targeted. Motor parks, churches, mosques, shopping complexes were not spared. Today, that is a thing of the past. Suicide bombers used to have a field day detonating their bombs and killing innocent people.

“Therefore, calling on the President to resign every time there is a setback in the war on terror is a needless distraction and cheap politicking. Let’s stop playing politics with the issue of security,” he said.

The group said it is difficult to see how ”Buhari can accept the challenge to radically improve his handling of our security situation and also improve the lives of Nigerians.”

President Buhari’s spokesperson, Femi Adesina who reacted to the Forum’s verdict on the Buhari-led administration stated that the NEF is just Ango Abdullahi. According to him, the group cannot boast of credible membership and its leader is akin to a General without troops.

Femi Adesina said “Prof. Ango Abdullahi on Sunday signed a long-winding statement on many issues relating to the North, and purportedly to the country. The former vice chancellor signed the statement under the banner of Northern Elders Forum (NEF). Hearing that title, you would think the body was a conglomeration of true elders. But the truth is that NEF is just Ango Abdullahi, and Ango Abdullahi is NEF. It is a quasi-organisation that boasts of no credible membership, and its leader is akin to a General without troops. Before the 2019 presidential election, the one-man army called NEF had shown its antipathy against President Muhammadu Buhari, and its preference for another candidate. They all got beaten together. NEF is merely waving a flag that is at half-mast. Buhari steadily and steadfastly focuses on the task of retooling Nigeria, and discerning Nigerians know the true state of the nation. They don’t need a paper tiger to tell them anything.”