A non-governmental organization, Socio-Economic Rights and Accountability Project (SERAP) has urged the Federal Government to reverse the 0.5 percent cybersecurity levy introduced by the Central Bank of Nigeria with immediate effect.
SERAP also threatened the possibility of taking legal action against the government if the levy is not reversed within the next 48 hours.
This was contained in a statement issued by the non-governmental organization via its X handle on Tuesday, May 7, calling for the immediate reversal of what it regarded as levy ‘imposition’.
SERAP wrote, “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.
“We’ll see in court if the directive is not withdrawn within 48 hours.”
This is following a circular issued by CBN in the early hours of Tuesday, directing to commence the implementation of 0.5% cybersecurity levy on transactions.
The circular read in part, “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 (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).”
The circular added that the “Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.”
