{"id":43269,"date":"2024-05-09T11:35:55","date_gmt":"2024-05-09T11:35:55","guid":{"rendered":"https:\/\/www.imotrumpeta.com\/?p=43269"},"modified":"2024-05-09T11:35:55","modified_gmt":"2024-05-09T11:35:55","slug":"tinubu-gets-knocks-from-nigerians-over-cyber-security-levy","status":"publish","type":"post","link":"http:\/\/www.imotrumpeta.com\/?p=43269","title":{"rendered":"Tinubu Gets Knocks From Nigerians Over Cyber Security Levy"},"content":{"rendered":"

\n

The recently introduced 0.5 per cent cyber security levy by the Central Bank of Nigeria has created an uproar among Nigerians.<\/p>\n

The Central Bank of Nigeria, in a notice to all banks on Monday, directed them to deduct and remit 0.5% levy on all electronic transactions by Cybercrimes (prohibition, prevention, etc.) (Amendment) Act, 2024.<\/p>\n

In this report, IT highlights things Nigerians should know about the new legislation.<\/p>\n

Cyber security levy<\/p>\n

The levy is 0.5 per cent on all electronic transactions, not 0.005 per cent.<\/p>\n

The levy is to be implemented by all Banks, Other Financial Institutions and payment service providers.<\/p>\n

CBN stated that\u00a0the levy should be remitted<\/a>\u00a0to the National Cybersecurity Fund, NCF, administered by the Office of the National Security Adviser, ONSA.<\/p>\n

What is the implication of the Cybersecurity levy?<\/p>\n

This means that electronic banking channel users in Nigeria will incur 0.5 per cent per transaction. For instance, an electronic transaction of N1,000 will incur N5 cybersecurity levy, and a N10 million transaction will incur a N50,000 charge.<\/p>\n

Transactions exempted from Cybersecurity levy<\/p>\n

There are several transactions exempted from the cybersecurity levy.<\/p>\n

The Central Bank of Nigeria attached 16\u00a0transactions that are exempted<\/a>\u00a0from the levy, including loan disbursements and repayment, salary payments, intra-account transfers within the same bank or between different banks for the same customer, other Financial Institutions instructions to their correspondent, banks Interbank placements, Banks\u2019 transfers to CBN and vice-versa, Inter-branch transfers within a bank, Cheques clearing and settlements and others.<\/p>\n

Call for Suspension of Cybersecurity Levy<\/p>\n

The Centre for the Promotion of Private Enterprise and the Nigeria Labour Union has\u00a0called for a suspension of the levy.<\/a><\/p>\n

In a statement by CPPE Director, Dr Muda Yusuf, he said Nigerians are already grappling with multiple taxes; hence, the additional burden will be insensitive.<\/p>\n

On his part, NLC president, Joe\u00a0Ajaero also called for the reversal of the levy.<\/a><\/p>\n

He noted that imposing such a levy on electronic transactions without considering its implications on workers and vulnerable segments of society is unjustifiable.<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

The recently introduced 0.5 per cent cyber security levy by the Central Bank of Nigeria<\/p>\n","protected":false},"author":1,"featured_media":39425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-43269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-frontpage"],"yoast_head":"\nTinubu Gets Knocks From Nigerians Over Cyber Security Levy -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.imotrumpeta.com\/?p=43269\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu Gets Knocks From Nigerians Over Cyber Security Levy -\" \/>\n<meta property=\"og:description\" content=\"The recently introduced 0.5 per 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