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Nigerian Government Set to Generate N3trn to N7tn Annually Through Cybersecurity Levy

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The Centre for the Promotion of Private Enterprise, CPPE, says the Nigerian federal government will rake in between N3 trillion and N7.75 trillion in one year with its recently introduced cybersecurity levy of 0.5 per cent on electronic banking transactions.
The Director of CPPE, Muda Yusuf, disclosed this in a statement on Tuesday, calling for its suspension due to the hardship Nigerians face.
Recall that the Central Bank of Nigeria directed all banks to collect and remit a 0.5 per cent cybersecurity levy on electronic transactions to the National Security Adviser, NSA, office.
He explained that going by the Nigeria Interbank Settlement System data, NIBSS, electronic payments on its platform in 2023, which stood at N600 trillion, applying the 0.5 per cybersecurity levy would amount to N3 trillion.
He also added more Nigerians would migrate to cash transactions with the legislation, calling on the government to suspend the implementation and seek broader engagements.

Written by: bossgmsi

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