Senate laments cyber threats to digital economy with $500m yearly loss

• Begins amendment of Cybercrime Act, 2015
• Reps probe leakages, non-remittance of funds through Remita
• Nigeria facing worst economic crisis in history, says Senate panel chair
• First Lady: Tinubu’s govt set to give lifeline to MSMEs

The Senate, yesterday, expressed concern over the yearly loss of $500 million to various forms of cybercrime across the federation, warning that if the national cybersecurity programme is not effectively funded, the gains of the digital economy would be defeated.

Consequently, the upper chamber resolved to review and amend the Cybercrime (Prohibition and Prevention) Act, 2015, with a view to putting an end to the exploitation of Nigeria’s digital space by cybercriminals and individuals with misguided intention.

The President of the Senate, Godswill Akpabio, expressed this concern at the inauguration of a public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023 at the Senate Complex, Abuja.

The inauguration was at the instance of the Chairman, Senate Committee on ICT and Cyber Security, Shuaib Afolabi Salisu; Chairman, Senate Committee on National Security and Intelligence, Shehu Buba Umar, and all members of their committees.

In its report, the Nigerian Communications Commission (NCC) had claimed that Nigeria was losing $500 million dollars yearly to all forms of cybercrime, including hacking, identity theft, cyber terrorism, harassment and Internet fraud.

The Senate President lamented that certain individuals with misguided intentions were exploiting cybercrime laws by tarnishing the reputation of Nigeria.

Akpabio, represented by the Leader of the Senate, Opeyemi Bamidele, observed that it was imperative to establish a comprehensive legal framework to deter, investigate, pursue and prosecute cybercriminals.

He “In this age of rapid technological advancement and widespread internet usage, cybercrime has emerged as a grave menace to our society, economy and personal security. It is imperative to strengthen existing laws on cybercrime prohibition and prevention. In the past, certain individuals with misguided intentions exploited our weak cybercrime laws, thereby tarnishing the reputation of our country.

“They engaged in a wide array of illegal activities, such as hacking, identity theft, fraud, harassment and cyber terrorism. These crimes not only inflicted significant financial losses upon our country, but also invaded our privacy, disrupted critical infrastructure, and eroded trust in our digital systems.”

According to the Senate President, it is of utmost national and economic importance that Nigeria establishes a comprehensive legal framework to deter, investigate, pursue, and prosecute cybercriminals.

In his opening remarks, Salisu explained the significance of amending the Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023, saying it is intended to enhance effectiveness of the law by addressing emerging threats and strengthening existing provisions.

He, therefore, challenged all stakeholders to bring wealth of knowledge, experience and diverse perspectives on cybercrime to the front burner.

Also, the House of Representatives mandated its Committee on Public Accounts to investigate revenue leakages through the Remita payment platform and non-compliance by revenue-generating agencies of government with standard operating procedures and other allied service level agreements signed among deposit money banks, office of the Attorney General of the Federation, Systemspec, Nigeria Interbank Settlement System (NIBSS) and the Central Bank of Nigeria (CBN).

The resolution followed the adoption of a motion titled, ‘Call to Investigate Revenue Leakages and Non–remittance of Revenue Generated through the Remita Platform’, sponsored by Jeremiah Umaru (APC, Nassarawa) and Jafaru Gambo (APC, Bauchi).

Leading the debate on the motion, Umaru noted that Nigeria is not experiencing expenditure but rather a revenue issue.

He expressed concern that “despite the benefits and reasons for on-boarding the Remita platform, the rate of revenue leakages is worrisome, apart from non-compliance substantively with standard operating procedures and other allied service level agreements signed by parties.”

Meanwhile, the Chairman, Senate Committee on National Planning and Economic Affairs, Yahaya Abdullahi, expressed concern over hardship faced by Nigerians.

Speaking during the inaugural meeting of the House Committee on National Planning, he said it behooves the National Assembly not to leave any stones unturned in addressing the challenge.

Noting that the country is faced with the worst economic crisis in its history, Abdullahi urged the National Assembly to work in tandem with the executive arm of government and work out ways to get the economy back on track.

He harped on the need for Committees of National Planning in both the House or Representatives and the Senate to work hand in hand in the next four years to achieve the objective.

He also warned against any mistake on the part of the parliament that may compound the precarious economic situation in the country, stressing that lawmakers must be able to guide the executive on how to get out of the quagmire.

The lawmaker said both committees will soon convene a joint meeting of both committees to enable them to discuss their agenda of working together in the overall interest of the country.

This came as the wife of the President, Oluremi Tinubu, assured that the current administration is poised to support Micro, Small, and Medium Enterprises (MSMEs) in the country, to enable them to create a desired ripple effect in employment generation for Nigerians.

She declared that the support will provide a lifeline to those struggling to make ends meet, while enhancing the overall well-being of individuals and families.

The First Lady spoke while officially flagging off the rebranded and expanded Government Enterprise and Empowerment Programme (GEEP), now known as Renewed Hope Micro, Small and Medium Enterprise (MSME) Programme, under the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, which held at the banquet hall of the Presidential Villa, Abuja.

According to the President’s wife, the transformative impact that MSMEs can have on the lives of vulnerable citizens cannot be overemphasised, considering the fact that enterprises are the bedrock of our economy.