SERAP Sets 48-hour Deadline for Nigerian Government to Revoke Cybersecurity Levy
Within the next 48 hours, the Socio-Economic Rights and Accountability Project is demanding that the Federal Government reverse the imposition of a 0.5% ‘cybersecurity levy’ on Nigerians.
In an official statement released on Tuesday, SERAP has conveyed its ultimatum to the government.
SERAP has warned of potential legal action against the Federal Government if the Central Bank of Nigeria does not retract its “blatantly unlawful” directive.
According to the statement, “The administration led by Tinubu must promptly rescind the highly unlawful CBN directive enforcing section 44 of the Cybercrime Act 2024, which enforces a 0.5% ‘cybersecurity levy’ on Nigerians. Failure to withdraw the directive within 48 hours will result in legal action.’
It is noteworthy that the Central Bank of Nigeria, through a circular issued on Monday, instructed banks to impose a 0.5% cybersecurity fee on electronic transactions, effective May 20, 2024.
The CBN specified that this levy will be individually reflected in the customer’s account as ‘Cybersecurity Levy’ and will be charged at the initiation of electronic transfers, collected, and transferred by the financial institution.”