Mr Olisa Agbakoba has reacted to the controversial cybersecurity levy imposed on Nigerians by the Central Bank of Nigeria, CBN.

Agbakoba described the imposition of the levy as unconstitutional and not a “good idea”.

Speaking with TheCable, the former NBA President said: “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.”