Senator Buba: Cybersecurity Levy Targets Institutions, Not Individuals

Date:

Senator Shehu Umar Buba, Chair of the Senate Committee on National Security and Intelligence, clarified that the recent cybersecurity levy imposed by the Central Bank of Nigeria (CBN) is directed at financial institutions and telecom companies, not individuals.

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Buba emphasized that the levy aims to bolster cybersecurity measures and national security by targeting the sectors most susceptible to financial crimes and cyber fraud.

He reiterated that the Cybercrime Act clearly specifies the businesses responsible for the levy, including telecommunications companies, banks, insurance firms, and the Nigerian Stock Exchange, among others.

Furthermore, Buba explained that the levy amount is either 0.005 or 0.5%, as per the Cybercrime Act amendment, with exemptions outlined in a new circular by the CBN.

He highlighted the collaborative effort behind the passage of the amendment bill, involving government, industry players, civil society, and academia.

While acknowledging public concerns, Buba reassured that the cybersecurity law’s implementation is not punitive to citizens but aims to safeguard national security and the economy.

The Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024 mandates a 0.5% levy on electronic transactions by specified businesses, with funds directed to the National Cybersecurity Fund administered by the Office of the National Security Adviser (ONSA).

Certain transactions, such as loan disbursements, salary payments, and intra-account transfers, are exempt from the levy, as per the circular.


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