Ali Ndume “If I had known that the cost would be transferred to Nigerians, I would not agree”

The Senate Chief Whip, Senator Ali Ndume, apologized for supporting the Cyber Crime Act and said he would have opposed it in the Senate if he had known that Nigerians would bear the price of the legislation, according to Channels TV. He made it clear that he did not support high taxes or levies, highlighting the necessity of matching budgetary policies to the state of the economy. CONTINUE FULL READING>>>>>

While acknowledging the seriousness of cybercrime and the necessity for legislative improvements, Ndume stressed the importance of considering the impact on ordinary citizens.

He clarified that he did not approve of all aspects of the Cyber Crime Act amendment, particularly the levy imposed on Nigerians.

On May 6th, 2024, the Central Bank of Nigeria (CBN) issued a circular to various financial institutions, including Commercial, Merchant, Non-Interest, and Payment service banks, announcing a 0.5 percent cybersecurity levy on all banking transactions.

The CBN explained that this levy is a consequence of the enactment of the Cyber Crime (Prohibition, Prevention) Amendment Act of 2024.

It’s noteworthy that this Act had been repealed in both 2015 and 2018 before being reinstated this year. The funds collected from the levy will be deposited into 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.” CONTINUE FULL READING>>>>>