ActionAid Nigeria (AAN) has commended President Bola Tinubu for his decision to suspend the controversial 0.5% cybersecurity levy on electronic banking transactions, calling it “cheering news.”
In an interview with Vanguard, Andrew Mamedu, the Country Director of AAN, expressed relief over the suspension, stating that it demonstrates Tinubu’s responsiveness to the concerns of Nigerians. While acknowledging the positive step, Mamedu urged for a total reversal of the policy.
The suspension of the levy was officially announced by the Minister of Information and National Orientation, Mohammed Idris, during the Federal Executive Council (FEC) meeting. Mamedu emphasized the need for robust cybersecurity measures and urged the Central Bank of Nigeria (CBN) to prioritize such measures over financial impositions.
Highlighting the potential financial burden on Nigerians, Mamedu pointed out that the levy could generate significant revenue for the CBN, considering the increasing trend of cashless transactions in the country.
While welcoming the efforts to reform the tax system and suspend the levy, AAN stressed the importance of transparency and accountability in regulatory actions. They also expressed anticipation for the positive impact of tax reforms on the livelihoods of millions of Nigerians, particularly those in the informal sector.
AAN pledged to collaborate with stakeholders to ensure that these reforms translate into tangible improvements in the lives of ordinary Nigerians and contribute to the sustainable development of the nation.
