The Central Bank of Nigeria (CBN) has issued a directive requiring deposit money banks to impose a 0.5% cybersecurity levy on transactions, as mandated by the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
The levy is intended to finance the National Cybersecurity Fund (NCF), overseen by the Office of the National Security Adviser (ONSA). Effective within two weeks of the circular date, financial institutions are obligated to deduct and remit the levy monthly. While some Nigerians have expressed concerns about the potential increase in financial burdens, others have criticized the government’s allocation of funds amidst pressing socio-economic challenges. Additionally, industry experts have weighed in, offering insights into the potential impact of the levy on businesses and consumers, emphasizing the importance of robust cybersecurity measures in today’s digital landscape.
Responses on social media reflect a broader scepticism towards governance and economic policies, with citizens questioning the transparency and accountability of government decisions. Many Twitter users have highlighted their disillusionment with the state of governance, lamenting the additional financial strain amidst existing economic hardships. Furthermore, discussions on online forums and community platforms have sparked debates on the effectiveness of the levy in addressing cybersecurity threats and the need for greater public engagement in policy-making processes.
The diverse reactions underscore widespread concerns about financial transparency, governance priorities, and the socio-economic implications of government policies on the population. As stakeholders continue to engage in dialogue and debate, it remains imperative for policymakers to address citizen concerns, foster transparency, and ensure that policies align with the best interests of the nation’s economic and social well-being.
