‘No Suspension Of Cybersecurity Levy’ – Reps Stand Firm, Echo CBN Directive

• No Suspension Of Cybersecurity Levy’ – Reps Stands Firm, aligning with CBN’s directive.

• CBN mandates 0.5% cybersecurity levy on electronic transactions for financial institutions.

• Lawmakers express concern over levy’s timing and handling of funds, with Speaker Abbas urging further discussion on the matter.

EKO HOT BLOG reports that  the House of Representatives has decided not to pursue the proposal to suspend the cybersecurity levy.

According to this online media platform, the Central Bank of Nigeria (CBN) issued a new directive to financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

EDITOR’S PICKS

• MTN Nigeria To Adjust Call tariffs Amid Operational Challenges
• Details As Tinubu’s Govt Plans Inauguration Of 3 Massive Gas Infrastructure Projects
• ‘Reopen Matawalle’s Case’ – Protesters Storm EFCC Headquarters

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.

The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”

The cybersecurity levy has received criticism from Nigerians.

Suspension Of Cybersecurity Levy

During Wednesday’s session, lawmaker Manu Soro expressed concern over the proposed levy, citing its inappropriate timing given the ongoing challenges facing many Nigerians.

The lawmakers argued that the National Security Adviser (NSA) should not be responsible for handling funds as it is a political role.

FURTHER READING 

• EFCC Declares War Against Schools, Hotels, Others Charging Customers In Dollars
• High Court Sets Date For Okuama Community’s Case Against Nigerian Army
• Lagos Taskforce Arrests Over 50 Suspected Hoodlums After Market Violence

However, the Speaker of the House, Tajudeen Abbas, encouraged the lawmaker to withdraw the motion.

He said that the House leadership will discuss the situation and determine the best course of action.

Click here to watch our video of the week: 

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611