Nigerians are expressing their thoughts on social media regarding the recent directive from the Central Bank of Nigeria (CBN) instructing banks to implement a 0.5% cybersecurity levy on transactions.
This move, scheduled to take effect in two weeks, has sparked discussions and debates online about its potential impact and implications for individuals and businesses across the country.
The announcement came through a circular signed by Chibuzor Efobi, the Director of Payments System Management, and Haruna Mustafa, the Director of Financial Policy and Regulation, addressed to all commercial, merchant, non-interest, and payment service banks, among others.
The CBN explained that this directive follows up on previous correspondences dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), regarding compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.
The deduction and collection of the cybersecurity levy are in line with the enactment of the 2024 Cybercrime (Prohibition, Prevention, Etc.) Amendment Act, according to the apex bank’s revelation.
Reacting to the development, the Socio-Economic Rights and Accountability Project has issued a warning to the Federal Government to reverse the 0.5 per cent cybersecurity levy imposed by the CBN.
SERAP also threatened to deal in legal action against the government if it failed to reverse the levy within a 48-hour timeframe.
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The non-governmental organisation stated this Tuesday via its Twitter handle, calling for the immediate reversal of what it regarded as levy ‘imposition’.
SERAP tweep @SERAPNigeria stated, “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians.
Meanwhile, some Nigerians took to X, a social media platform to react to the directives.
A netizen, @OnyxEyefee said, “If Nigerians do not protest this criminalilty, I wonder what more needs to happen before they wake up from their trance.
“This is an illegal tax that must not be allowed to see the light of day. Nigerians should call their reps in the national assembly to push back on this asap!
Also, @tonia_isfine noted that “Looks like I’ll go back to using my old savings box. This banking lifestyle don cost.”
@kisiithefoodie posted “It’s funny how this is just the beginning. 😂😂He said, “…We will expand the tax net…”, and y’all thought he wouldn’t do it?
@billsuntai posted “Why reap the masses? This definitely goes beyond 0.5% by the time commercial banks add their costs of collection and remittances to it, it’ll definitely go up between 2 – 3%. A govt that does not provide adequate healthcare, education, welfare, road, electricity etc.
“And guess what, all the money collected goes to the office of the National Security Adviser (NSA).”
NIGERIAN TRIBUNE
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