On Monday, the Central Bank of Nigeria (CBN) issued a notice ordering all banks and financial services to collect and remit a cybersecurity levy to the National Security Adviser.
Gatekeepers News reports that the levy, which was introduced under the 2024 Cybercrime (prohibition, prevention, etc.) law, raised concerns over multiple taxes imposed by Tinubu’s administration.
However, Bayo Onanuga, the spokesperson to President Bola Ahmed Tinubu, has clarified that the levy is 0.005 per cent, not 0.5 per cent, in line with its establishment law.
“Cybersecurity levy is not 0.5 per cent but 0.005 per cent”, he said in a post on his official X handle.
A total of 16 transactions have been exempted from the levy.
Meanwhile, as part of the requirement for a $750 million loan from the World Bank, the government is planning to reintroduce the Telecommunications tax and other fiscal measures.
