The Socio-Economic Rights and Accountability Project (SERAP) has issued a warning to the Federal Government to reverse the 0.5 percent cybersecurity levy introduced by the Central Bank of Nigeria.
SERAP has also stated its intention to pursue legal action against the government if the levy is not reversed within 48 hours.
The non-governmental organisation stated this on Tuesday via its Twitter handle, calling for the immediate reversal of what it regarded as levy ‘imposition’.
SERAP 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.
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We’ll see in court if the directive is not withdrawn within 48 hours.”
Parallel Facts reported that the Central Bank of Nigeria (CBN) has directed banks in the country to start charging a 0.5% cybersecurity fee on all banking transactions.
The circular released on Monday states that, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act,’ is to be remitted to the National Cybersecurity Fund, which shall be administered by the Office of the National Security Adviser.”
