The spokesperson for President Bola Ahmed Tinubu, Bayo Onanuga, has provided clarity on the newly introduced cybersecurity levy for banks and financial services, emphasizing that it stands at 0.005 per cent and not 0.5 per cent.
In a notice issued on Monday, the Central Bank of Nigeria directed all banks to collect and remit the cybersecurity levy to the National Security Adviser, citing the enactment of the 2024 Cybercrime (prohibition, prevention, etc.) law.
Onanuga, in a statement on his official X handle, reaffirmed that the levy amount is in accordance with the established law at 0.005 per cent.
“The cybersecurity levy is not 0.5 per cent but 0.005 per cent,” he clarified.
Further examination of the levy revealed that 16 transactions are exempted from it.
Concerns have been raised regarding the multiple taxes imposed by Tinubu’s administration, with the reintroduction of the Telecommunications tax and other fiscal measures being included as part of the conditions for a $750 million loan from the World Bank.