Senator Buba: Cybersecurity Levy Targets Institutions, Not Individuals


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.

Thank you for reading this post, don't forget to subscribe!

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.

Discover more from Naija247news

Subscribe to get the latest posts to your email.

Share post:



More like this

International Breweries Opens Rights Issue, Seeks To Raise N588 Billion

May 23, 2024. Azonuchechi Chukwu. International Breweries opened its N588 billion...

NIBSS: Deployed PoS terminals across Nigeria hit 2.7 million in March 2024

May 23, 2024. Azonuchechi Chukwu. The number of Point of Sales...

Naira Depreciates To N1,495/$ In Black Market

May 23, 2024. Azonuchechi Chukwu. Nigerian Naira on Wednesday, depreciated in...

Stock Market Sheds N89bn, All Share Index Down by 0.16%

May 23, 2024. Azonuchechi Chukwu. It was a bearish session on...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading