Olisa Agbakoba, a senior advocate of Nigeria (SAN), says he
will challenge the implementation of the controversial cybersecurity levy in
court.
On May 6, the Central Bank of Nigeria (CBN) directed all
financial institutions to implement the cybersecurity levy on all electronic
transactions.
The levy of 0.5 percent, the apex bank said, is as contained
in section 44 of the Cybercrime (Prohibition, Prevention, Etc) Amendment Act
2024.
The levy is to be administered by the office of the national
security adviser (ONSA).
Speaking with TheCable, Agbakoba said the imposition of the
levy is unconstitutional and not a “good idea”.
“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,” he said.
“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.
“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.”
Agbakoba says the federal government is always broke because
most of the ministries, departments and agencies (MDAs) are appropriating and
disbursing to themselves monies that should go into the federation account.
“It goes back to when Nigeria was always having a deficit
budget. Many of the MDAs bypass the federation account and collect monies
directly. The number one culprit is the Nigerian National Petroleum Company
(NNPC).
“The NNPC collects so much trillions and then spends so much
trillions and then gives pocket money to the federal government. That is very
wrong.
“Section 162 of the constitution says that every resource of
the federal government must be paid into the federation account before it is
disbursed. So, the NNPC is spending money without the appropriation of the
national assembly.
“The cybersecurity fund will be spent without the national
assembly’s appropriation. It is a sorry thing that the very national assembly
that should understand that all revenue must pass through the federation
account, are the ones passing laws bypassing the process.
“We talk of Nigeria being poor, whereas, we have over 300
agencies in Nigeria appropriating monies to themselves. Nigeria customs does
that, the same with NIMASA, TETFUND, Police Fund, ETF and others.
“That is why the federal government is broke because these
agencies are taking all the money. The government sits down waiting for money
to come but the agencies have taken everything.
“It is something that I think ought to be challenged because
the federal government is now dispossessed of revenue that can be used to build
roads, bridges, schools, hospitals and create employment. Very few agencies
take 80 percent of our money.
“So, I am happy that
this has happened because it gives me an opportunity to present a case before a
judge to say every revenue that is meant for the federation must go through the
federation account.
“It can’t be disbursed by the national assembly or the state
house of assembly at the state level without the appropriate constitutional
process which is prescribed in section 162.
“If the court agrees with me, it will immediately dismantle this cybersecurity levy. It will immediately declare what the CBN wants to do as unconstitutional.”
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