News

May 21, 2024

CSOs urge FG to reintroduce Cyber Security levy

Cybersecurity levy was ill-timed, lacked awareness — Nwosu

By Ibrahim Hassan-Wuyo

Coalition of Civil Society Organisations under the aegis of Forum for Good Governance in Nigeria (FGGN) has urged the Federal Government to reintroduce the Cyber Security Levy considering the advantages of enhancer security framework of financial operations in the country.

According the CSOs ,advantages of the cyber security Levy far outweigh the excuses given for revoking it.

Nigeria’s central bank did withdrew the controversial 0.5% cybersecurity levy on electronic transfers three days before it was supposed to take effect.

The Civil Society Organisations in
a Communique issued after a one-day Review Meeting with the theme: “Economic implications of Revoking the Cyber Security Levy vis-a-vis the advantages”,” backed the reintroduction of the Levy,since it’s in line with internationally best practices”.

In the communique jointly signed by the National Coordinator and Secretary;Comrade Abraham Douglas and Comrade Bala Galadima Ikara,members of the CSOs across 28 States of Nigeria reviewed the pros and cons and agreed that the cyber security levy will enhance the security framework of financial operations.

They insisted that the Cyber Security Levy should be re-Introduced considering the advantages, adding that “there is no alternative to a secured and trustworthy electronic transaction environment which will promote economic growth and digital financial inclusion.”

According to the groups, considering the country’s battered image globally, the Levy will help fund the development of a robust cybersecurity infrastructure.”Cyber funding has become a veritable means of funding for terrorists and there’s no way to combat terrorism successfully without denying them their sources of funding.”

“Further explaining reasons for supporting CBN over the Cyber Security Levy is the implementation of advanced security measures; protecting financial institutions and customers from cyber threats and attacks by the so called ,”Yahoo Boys” .Adding that Cyber crimes have destroyed the lives of many young people and must be discouraged.”

The communique further reads: “That in Compliance with Global Standards, the levy will help Nigeria align with international best practices in cybersecurity; enhancing the country’s reputation and attract foreign investment, as investors will be assured of a secure environment for their investments.”

“We did concur in line with the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act’, which is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).”

“This is because, the implementation of the Levy will no doubt enhance National Security and guarantee strengthening of cybersecurity; protecting critical infrastructure and sensitive information.”