“This is one of the weakest links we have in Nigeria. We promulgate policies without testing the impacts on human welfare gains and losses. Otherwise, the apex bank could have shown why reversing the policy would have hurt Nigeria, or did it not have any benefit to start with?
Browsing: Cybersecurity levy
The CBN, in its latest circular dated May 17, 2024, referred to the earlier May 6, 2024 circular and advised financial institutions that the initial circular on the implementation of the cybersecurity levy “is hereby withdrawn”.
ASHENEWS reports that the Federal Executive Council (FEC) has approved the suspension of the cybersecurity levy.
An Information Communication Technology (ICT) expert, Mr Jide Awe, has called on the Federal Government to focus on strengthening cybersecurity rather than floating levies that will further worsen the economic hardship of Nigerians.
“It is crucial that the government listens to the concerns of organizations like the NEF and works towards implementing policies that benefit all Nigerians, rather than burdening them with additional costs and hardships.
“We are quite disturbed that since the inception of this administration, its policies have brought pain, anguish and sorrow on Nigerians.
The Nigeria Labour Congress (NLC) has rejected the recent directive by the Central Bank of Nigeria (CBN) of 0.5 (0.005) per cent Cybersecurity Levy on electronic transfers.
The Centre for the Promotion of Private Enterprise (CPPE) has appealed to the Federal Government to halt the implementation of the 0.5 per cent cybersecurity levy pending stakeholder inputs and a review of the law.
“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 (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),”