Nigerian News

0.5% cybersecurity levy: SERAP gives FG 48-hr ultimatum, calls for immediate reversal  

The Socio-Economic Rights and Accountability Project has called on the Federal Government to reverse the 0.5% cybersecurity levy imposed by the Central Bank of Nigeria.

SERAP also threatened to deal in legal action against the government if it failed to reverse the levy within a 48-hour timeframe.

The non-governmental organisation stated this Tuesday via its X handle @SERAPNigeria, calling for the immediate reversal of what it regarded as levy ‘imposition’.

SERAP tweep 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.

“We’ll see in court if the directive is not withdrawn within 48 hours.”

The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions starting in 2weeks time.

The circular was directed to all commercial, merchant, non-interest, and payment service banks, among others.

The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.


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