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.”

They posited that the panacea for employment generation, foreign exchange earnings, and investments in non-oil exports, particularly in the agricultural sector, must be backed by relevant laws and regulations.

Speaking at the second edition of the Nigeria Employers Summit themed, “Trade and non-oil export: Changing the narrative for rapid national development” in Abuja, the OPS explained that with the current fiscal challenges, the government needs to diversify her revenue base to increase economic growth so that trade and non-oil exports will boost her foreign exchange reserves.

The Director General of the African Development Bank’s Nigeria Country Department, Lamin Barrow, stated that Nigeria’s exports of goods and services as a percentage of GDP, at 10.7 per cent, is the lowest among its middle-income peers in Africa, compared to 31.2 per cent for South Africa, 44 per cent for Mauritius, 44.6 per cent for Botswana while Tunisia and Angola stood at 42.1 per cent and 44.3 per cent respectively.

He noted that while Nigeria’s economy is one of the most diversified in Africa, the oil sector accounts for 75% of export revenues and 50% of all government revenue, stressing that, “The limited non-oil exports have left the country exposed to the vagaries of global oil markets with attendant adverse impacts on the fiscal space and constraining development spending.”

Barrow added that the performance of the sector has deteriorated in the past five years with a GDP contribution of seven per cent.

But in his welcome address, the Director General of, the National Employers Consultative Association, Adewale Oyerinde, noted that NECA and its partners are aiming at expanding the employment net in Nigeria by deepening economic activities in the area of non-oil trade export.

According to him, the summit was organised to boost forex and to address declining oil export revenues. He also stated that because of the lack of job opportunities, Nigerians are migrating in large numbers and the overall gain is the creation of job opportunities in the country and its development.

He said, “We put this summit together because we know there is no way to increase forex without investing in the non-oil export. So, this summit offers a unique opportunity for us to expand the employment net but we need policies to support this.

“As the voice of the private sector in Nigeria, it is important to contribute to discussions that have to do with national growth. We have forex issues that are bedeviling the country, affecting our trade balance and ability to support organised businesses. And if they (businesses) can’t produce, the need to expand and generate employment becomes compromised and the value chain of the problem becomes gargantuan.

“The quantum of oil we produce, sell and how much we sell is out of Nigeria’s control, however, we can control our natural resources. We need to massively leverage our agricultural raw materials, export them, and then we can generate more forex.”

Speaking further, the NECA’s DG listed export financing, regulations, and standardization as challenges affecting non-oil export, stating “We have issues with financing exports, except you have a strong will, manufacturing and exporting is not very attractive. There are bottlenecks in regulations and standardisation.”

As a solution, Oyerinde urged the government to refocus its efforts to improve non-oil exports to augment the much-needed forex from trade.

Speaking also at the event, The President of the Manufacturing Association of Nigeria, Otunba Francis Meshioye, expressed hope that the summit would launch immediate measures that will shape and disposition and attention to non-oil exports, increasing foreign earnings, spurring investment, creating jobs, and reducing the country’s debt burden.

On his part, the Executive Director, of the Nigerian Export Promotion Council, Ezra Yakusak, reiterated the government’s commitment to support as that is one of the ways to guarantee the country’s survival.

“If we want to survive as a nation and economically, we need to export. There is no way out of it. Last year, a program called Export for Survival was launched and we are thrilled that by our campaign and our other programs, the non-oil export sector recorded about $4.8bn in trade. We have to imbibe a non-oil export culture to ensure our survival,” he opined.

A new framework released by the Office of the Accountant-General of the Federation (OAGF) on Tuesday, May 5, revealed that disbursements of all COVID-19 Fund, including those being collected directly by the Central Bank of Nigeria (CBN) and those domiciled with commercial banks shall be through appropriation.

The notice from the OAGF reads in part “Funds are to be appropriated directly to participating MDAs and spending units, including the ministries of Health and Humanitarian Affairs, Nigerian Centre for Disease Control (NCDC), among others, rather than to an intermediary agency like the PTF. The administrative cost of the PTF shall be appropriated separately to the PTF secretariat. The advantage is that the respective spending units and their accounting officers take full responsibility for funds appropriated to them and likely bottlenecks at the PTF are eliminated. Transparency is enhanced when funds are spread to more MDA than when a huge amount is put under the control of a single entity. MDAs shall present details of their needs together with an estimated cost. This will form the basis for the allocation of funds and enable post expenditure reporting and audit. All participating MDA are to provide information on all COVID-19 Fund transactions to any member of the public – individual or corporate – under the Freedom of Information Act (FOI) within seven days of receiving the request. All collections into the commercial bank accounts are to be swept into FGN Sub-Recurrent Account with the CBN. Failure to sweep all balances within 24 hours shall be deemed a violation of the Presidential directive on TSA which shall attract sanctions.”