CBN cybersecurity levy

2024 - 5 - 13

CBN Cybersecurity Levy Drama: Nigerians Fight Back Against the 0.5% Charge

BudgIT - CBN - cybersecurity levy - federal government - financial inclusion - Nigeria - President Tinubu - Senator Ali Ndume - SERAP

Nigerians are up in arms over the CBN's new cybersecurity levy - find out why!

The Central Bank of Nigeria's recent introduction of a 0.5% cybercrime levy on electronic transactions has sparked controversy and resistance from Nigerians. While the CBN aims to enhance cybersecurity measures, many argue that the levy poses a threat to financial inclusion in the country. President Tinubu's directive to suspend the levy implementation followed widespread protests, showing the public's strong opposition to the new charge.

Critics, including organizations like SERAP and BudgIT, have taken legal action against the CBN, filing a lawsuit challenging the cybersecurity levy. This move reflects the deep concerns among Nigerians about the implications of the levy on financial transactions. Senator Ali Ndume's support of Tinubu's decision to halt the levy highlights the significant backlash faced by the CBN over the controversial levy.

In a surprising turn of events, Senator Shehu Umar Buba clarified that the cybersecurity levy targets financial institutions and telecoms, not individual citizens. This revelation sheds light on the intended scope of the levy, easing some concerns among the general public. Despite the ongoing legal battle, the cybersecurity levy issue continues to stir debates and discussions across Nigeria, shaping the landscape of digital financial transactions in the country.

The suspension of the cybersecurity levy by President Tinubu showcases the influence of public opinion on financial policies in Nigeria. Additionally, the legal action taken by SERAP, BudgIT, and concerned Nigerians underlines the significance of transparency and accountability in regulatory decisions, setting a precedent for future financial regulations in the country.

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Image courtesy of "TheCable"

The CBN's cybersecurity levy: A step backwards for financial inclusion (TheCable)

The Central Bank of Nigeria (CBN) recently announced a 0.5% cybercrime levy on all electronic transactions, casting a long shadow over Nigeria's hard-fought ...

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Image courtesy of "Leadership Newspaper"

Assessing Implications Of 0.5% Cybersecurity Levy (Leadership Newspaper)

The CBN had last Monday, released a circular directing that all financial institutions begin to deduct 0.5 per cent cyber security levy from certain ...

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Image courtesy of "ORDER PAPER"

Tinubu orders CBN to suspend implementation of cybersecurity levy ... (ORDER PAPER)

Following the outcry by Nigerians over the cybersecurity levy and the extra financial burden it would incur, President Tinubu has ordered the CBN to halt ...

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Image courtesy of "VMT News"

SERAP, BudgIT, 136 Nigerians drag CBN to court over cybersecurity ... (VMT News)

SERAP, BudgIT, and 136 concerned Nigerians, have filed a lawsuit against the Central Bank of Nigeria (CBN) over the introduction of 0.5%

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Image courtesy of "Vanguard"

Cybersecurity levy law hurriedly passed — Ndume commends ... (Vanguard)

Senator Ali Ndume, has commended President Bola Tinubu for suspending the 0.5% cybercrime levy that was earlier announced by the CBN.

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Image courtesy of "thewillnigeria"

Cybersecurity Levy: SERAP, BudgIT, 136 Nigerians Drag CBN to ... (thewillnigeria)

May 13, (THEWILL)- The Socio-Economic Rights and Accountability Project (SERAP), BudgIT and 136 concerned Nigerians have filed a lawsuit against the Central ...

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Image courtesy of "Daily Times Nigeria"

Cybersecurity levy: Financial institutions, telecoms are targets, not ... (Daily Times Nigeria)

Senator Shehu Umar Buba, the Chairman of the Senate Committee on National Security and Intelligence, has clarified that the cybersecurity.

Nigeria: Presidency - Tinubu Suspends Cybersecurity Levy to ... (AllAfrica.com)

Deji Elumoye, Chuks Okocha, Michael Olugbode, Emmanuel Addeh and Sunday Aborisade in Abuja.

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Image courtesy of "THISDAY Newspapers"

Cybersecurity Levy: Matters Arising (THISDAY Newspapers)

The report that President Bola Tinubu has now ordered the Central Bank of Nigeria (CBN) to suspend the implementation of the proposed Cybersecurity Levy must ...

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Image courtesy of "Premium Times"

Cybersecurity levy: Matters arising, By Reuben Abati (Premium Times)

The report that President Bola Tinubu has now ordered the Central Bank of Nigeria (CBN) to suspend the implementation of the proposed Cybersecurity Levy ...

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Image courtesy of "Businessday.ng"

FG confirms suspension of the 0.5% Cybersecurity levy ... (Businessday.ng)

The federal government on Tuesday confirmed the suspension of the 0.5% cybersecurity levy imposed recently by the CBN...

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UPDATED: FG Suspends Cybersecurity Levy (CHANNELS TELEVISION)

The House of Representatives asked the CBN to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent ...

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Tinubu Directs CBN To Suspend Implementation Of Cybersecurity ... (thewillnigeria)

May 14, (THEWILL) - President Bola Tinubu has directed the Central Bank of Nigeria (CBN), to stop the implementation of a 0.5% cybersecurity levy on ...

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Tinubu suspends cybersecurity levy (Vanguard)

President Bola Tinubu has officially suspended the controversial 0.5% cybersecurity levy on electronic banking transactions.

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Image courtesy of "Businessday.ng"

FG confirms suspension of the 0.5% Cybersecurity levy ... (Businessday.ng)

The federal government on Tuesday confirmed the suspension of the 0.5% cybersecurity levy imposed recently by the Central Bank of Nigeria...

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FG Confirms Suspension Of Cybersecurity Levy (The Whistler NG)

The Federal Government on Tuesday confirmed the suspension of the implementation of the cybersecurity levy, the imposition of which was recently.

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Image courtesy of "Nairametrics"

Federal Executive Council suspends cyber security levy, to undergo ... (Nairametrics)

This was communicated after the FEC meeting held on Tuesday, May 14, 2024, by the Minister of Information and Culture, Mohammed Idris. This is the first ...

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Image courtesy of "Leadership Newspaper"

'Cybersecurity Levy To Add N1.5trn Fresh Tax Burden On ... (Leadership Newspaper)

According to him, this is about eight per cent of the total revenue budget for 2024, adding that what remained unanswered is the cost to the overall ...

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