Fresh Twist: Tinubu-Led FG Given 48 Hours To Withdraw Cybersecurity Charges

The President Bola Tinubu-led Federal Government has been given a fresh ultimatum following the directive to banks to implement cybersecurity charges on Nigerians.

That decision did not sit well with many Nigerians who see the directive as another anti-masses policy of the government that will inflict more pain and hardship on the people. The Socio-Economic Rights and Accountability Project (SERAP) issued a stern ultimatum to the Tinubu-led administration, demanding the withdrawal of the cybersecurity levy directive recently issued by the Central Bank of Nigeria (CBN).

The CBN had mandated all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, to enforce a 0.5% cybersecurity levy on all electronic transactions. This directive aligns with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.

According to a circular detailing the directive, the levy is to be deducted at the point of electronic transfer origination and reflected in the customer’s account as a “Cybersecurity Levy.” Financial institutions are instructed to commence deductions within two weeks from the date of the circular and remit the accumulated levies monthly to the National Cybersecurity Fund (NCF), administered by the Office of the National Security Adviser (ONSA).

Reacting to this directive, SERAP utilized its X platform to demand the immediate withdrawal of the CBN directive, threatening legal action if not rescinded within 48 hours.

In a statement, SERAP asserted: “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians.

“We’ll see in court if the directive is not withdrawn within 48 hours.”