In a recent statement, Senior lawyer Femi Falana, SAN, clarified that the 0.5 per cent cybersecurity levy recently imposed is not intended for individuals.
Falana criticized the Central Bank of Nigeria (CBN) for misinterpreting the provisions of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024 in a circular.
He emphasized the need for the CBN to issue an apology to the public for the misleading interpretation of the Act.
The federal government’s announcement of a 0.5 per cent levy on the value of electronic transactions was met with scrutiny.
According to Falana, the levy is meant to be paid by specific businesses outlined in the Cybercrime Act, not by individuals.
Contrary to the CBN’s directive, the levy is to be applied by GSM service providers, telecommunications companies, Internet service providers, financial institutions, insurance companies, and the Nigerian Stock Exchange, as stipulated in the Act.