The Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour ultimatum to the Federal Government to reverse the 0.5% cybersecurity levy imposed by the Central Bank of Nigeria (CBN). The levy, which was announced on Monday, is set to be charged on all transactions.
SERAP described the levy as “grossly unlawful” and threatened to take legal action if it is not withdrawn within the given timeframe. SERAP tweeted,, “The Tinubu administration must immediately withdraw the 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 We’ll see in court if the directive is not withdrawn within 48 hours.”
The CBN had ordered banks to start charging the cybersecurity levy on all transactions, effective two weeks from the date of the circular. The levy is part of the implementation of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.
SERAP’s ultimatum comes as many Nigerians have expressed outrage over the new levy, which they say will further burden them financially. The government has yet to respond to SERAP’s demands.
