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CBN Withdraws Cybersecurity Levy Directive To Banks

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The Central Bank of Nigeria (CBN) has withdrawn the directive to banks and other financial institutions to charge cybersecurity levy on electronic transfers.

Recall that the apex bank, on May 6, directed all commercial, merchant, non-interest and payment service banks, mobile money operators and payment service providers to charge a 0.5 percent cybersecurity levy on electronic transfers.

As per the apex bank, the implementation of the Cybercrime (prohibition, prevention, etc.) Amendment Act of 2024 is the reason behind the deduction and collection of the cybersecurity levy.

According to CBN, the charges will be handled by the Office of the National Security Advisor (ONSA) and sent to the National Cyber Security Fund.

However, CBN halted the move to charge the cybersecurity levy in a circular titled ‘Re: Cybercrimes (Prohibition, Prevention, ETC) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,’ and dated May 17.

The circular made public on May 19 was signed by Chibuzo Efobi, director, payments system management department, and Haruna Mustafa, director, financial policy and regulation department.

“The Central Bank of Nigeria circular dated May 6, 2024 (Ref:PSMD/DIR/PUB/LAB/017/004) on the above subject refers,” CBN said.

“Further to this, please be advised that the above referenced circular is hereby withdrawn.

“Please be guided accordingly.”

CBN withdrew the directive after President Bola Tinubu suspended the cybersecurity levy on May 14.

Tinubu directed the apex bank to suspend the implementation and review the modalities for its implementation.

Criticism had trailed the levy, with the Nigeria Labour Congress (NLC) condemning the directive and describing it as “another burden on the shoulders of hardworking Nigerians”.

Joe Ajaero, the president of NLC, on May 7, said such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.

Ajaero said domestic manufacturers and other businesses were already suffering as a result of the stifling socio-economic environment.

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President Tinubu Signs South-East, North-West Development Commission Bills Into Law

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President Bola Tinubu has officially signed into law the South-East and North-West Development Commission bills.

The South-East Development Commission bill was sponsored by Deputy Speaker Benjamin Kalu, who represents the Bende Federal Constituency of Abia State.

After passing through the Senate and House of Representatives, the bill was transmitted to the President in June for his assent.

With the signing of the bill into law, the Commission will now receive funding to execute various projects in the South-East geopolitical zone.

The allocated funds will be used to address environmental challenges such as erosion, as well as reconstruct and rehabilitate roads in Abia, Enugu, Ebonyi, Imo, and Anambra states.

This move is expected to bring significant development and infrastructure improvements to the region.

In a statement issued by Levinus Nwabughiogu, his chief press secretary, Kalu expressed appreciation to the president for signing the bill into law.

The deputy speaker said the commission will “rehabilitate Igbo land” and foster unity among the people.

Tinubu also signed the north-west development commission bill into law.

Jibrin Barau, deputy senate president and sponsor of the bill, said the signing of the proposed legislation is a “testament” to Tinubu’s “commitment to addressing the challenges facing the north-west geopolitical zone and indeed all parts of the country”.

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Wike Urges Nigerians To Be Patient With FG, Says Planned Protest Political

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Nyesom Wike, Minister of the Federal Capital Territory (FCT), has dismissed the upcoming nationwide protest as a politically motivated move.

Speaking to journalists on Tuesday during an inspection of the Karshi to Apo Road construction project, Wike expressed his views on the planned protest.

The youth-led protest, scheduled to begin on August 1, aims to draw attention to the country’s economic hardship and soaring inflation.

However, Wike believes that the protest is driven by political interests rather than a genuine concern for the welfare of Nigerians.

According to Wike, the government is actively working to address the country’s challenges, implying that the protest is unnecessary and potentially disruptive.

His comments suggest that the government is making efforts to mitigate the economic difficulties faced by Nigerians, and that the protest may be an attempt to undermine these efforts.

“Let’s tell ourselves the simple truth. If we are playing politics let’s say we are playing politics; if we want to be sincere to ourselves, let’s be sincere to ourselves and help our country,” NAN quoted Wike as saying.

“The country is rotten. You know that the country is rotten, and a government has just come to see what it can do to at least, move it from where we are to a certain level, and you say that miracle must be performed within one year.

“You are here now, we are talking about a project that was awarded 13 good years ago, what has happened? Nothing.

“Now a government has come to see how it can fix all these things and we are in too much of a hurry demanding that it must be done now.

“It is not possible. The protest is a political protest.”

The minister acknowledged that people are unhappy due to hunger and unemployment.

“So, let’s not listen to political protesters and political jobbers who just want to be popular. You know there are some people who believe that if they don’t criticise, they will not be popular,” he said.

“We are going to elections very soon; these are political gimmicks.

“Just know that the government is a serious government and working to solve the problem.

“We believe that things will turn around, but we should be patient with the government.”

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Republican Lawmaker Andy Ogles Files Articles Of Impeachment Against Kamala Harris

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US Republican Lawmaker Andy Ogles has introduced two articles of impeachment against Vice President Kamala Harris, citing her alleged failure to enforce immigration laws.

Ogles accuses Harris of deliberately neglecting her duties as “border czar,” particularly in regards to border security and immigration law.

The first article of impeachment highlights Harris’ supposed inaction in addressing the border crisis, while the second article alleges a “breach of public trust.”

Ogles claims that Harris knowingly misled the public and Congress about President Joe Biden’s physical and cognitive health, sparking concerns about her integrity and ability to perform her duties as Vice President.

Ogles’ move to impeach Harris marks a significant escalation in the political tensions surrounding the Biden administration’s immigration policies and the Vice President’s role in addressing the border crisis.

The articles also claimed that Harris had been incompetent in discharging her duties.

Ogles’ first attempt to impeach Harris last year was unsuccessful and stalled in the judiciary committee.

The lawmaker’s second trial comes 48 hours after Biden withdrew from the presidential race and endorsed Harris to take his place for the Democratic Party’s ticket.

Biden’s shaky debate performance against former President Donald Trump last month, which heightened concerns over his age and mental alertness, was the catalyst for Democrats’ calls for him to end his reelection campaign.

The Democrat has not formally announced Harris as the party’s flagbearer. If nominated, she would be the first Black and South Asian woman to be a major party nominee.

On Monday, the presidential hopeful raised more than $81 million in donations to her cause.

The amount is believed to be the largest 24-hour fundraising in the history of the US presidential campaign.

Ogle’s impeachment calls have not received support from any member of Congress.

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