Agbakoba says cybersecurity tax not a good idea
By Jeph Ajobaju, Chief Copy Editor
Olisa Agbakoba, SAN has argued the cybersecurity levy being imposed by the Central Bank of Nigeria (CBN) on electronic funds transfer is not constitutional and has vowed to go to court to challenge this new tax burden on ordinary Nigerians who struggle daily to feed while the rich are getting richer.
“It is not a good idea at all. I believe it is a good idea to have a Cybersecurity Act so that we can deal with cybercrime. However, it is not a good idea to create a fund for which the National Security Adviser will be entitled to deploy when that is contrary to what the Constitution prescribes,” Agbakoba, former Nigeria Bar Association (NBA) President, told TheCable.
“So, I am going to court to challenge the imposition by the CBN on levies on the banks which will amount to the banks paying about N3 trillion a year.
“That is unconstitutional because what the Constitution says is that everything concerning revenue, whether it is tax or non-tax revenue, such as the levy in the Cybersecurity Act, must pass through the Federation Account for it to now be appropriated by the National Assembly [NASS].
“So, if the same National Assembly makes a law bypassing the appropriation process and putting money in the hands of an agency, that is unconstitutional.”
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