Presidency Response After CBN Introduced Cyber Security Levy On Banks, Clarifies That Levy Is 0.005%

The recently imposed cybersecurity charge on all banks and financial services is 0.005%, not 0.5% as previously stated, according to the Presidency’s clarification. The clarification was provided by President Bola Ahmed Tinubu’s spokeswoman, Bayo Onanuga, in a social media post on Tuesday. CONTINUE FULL READING>>>>>

Onanuga stated that the levy is in line with the establishment law, and urged the public to disregard the earlier report of 0.5%. “Cybersecurity levy is not 0.5% but 0.005%,” he wrote.

The Central Bank of Nigeria (CBN) had on Monday ordered all banks to collect and remit the cybersecurity levy to the National Security Adviser, citing the enactment of the 2024 Cybercrime (Prohibition, Prevention, etc.) law.

As reported by Daily Post, further analysis of the levy shows that 16 transactions have been exempted, including loan disbursements and repayments, salary payments, and intra-account transfers, among others.

However, the introduction of the levy has raised concerns about multiple taxes under the Tinubu administration. The government is also planning to reintroduce the Telecommunications tax and other fiscal measures as part of the requirement for a $750 million loan from the World Bank.CONTINUE FULL READING>>>>>