NewStats: 3,259,429 , 8,170,073 topics. Date: Saturday, 24 May 2025 at 11:25 PM 511l33

The Central Bank of Nigeria (CBN) has announced plans to re-introduce and enforce the payment of the Cybersecurity Levy on electronic transactions by Nigerians.

This plan, announced in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document released on Tuesday, September 17, stipulates that banks and other financial institutions must deduct the levy from all electronic transactions.

According to the document, the levy has been reduced from the 0.5% earlier announced in May 2024 to 0.005%.

“The CBN shall continue to enforce the payment of the mandatory levy of 0.005 percent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,” the document states.

“The levy’s proceeds would go towards creating a cybersecurity fund specifically designed to bolster Nigeria’s banking sector’s defences against online attacks. The CBN stresses the significance of cybersecurity measures and requires payment service providers (PSPs), banks, and other financial institutions (OFIs) to comply with minimal cybersecurity standards.

“These standards include the appointment of Chief Information Security Officers (CISOs) to oversee cybersecurity compliance, in line with the 2022 risk-based cybersecurity framework.

“Pursuant to the circular titled ‘Issuance of Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providers’ referenced BSD/DIR/GEN/LAB/11/25, and dated October 10, 2018, issued by the CBN to combat the increasing cyber security threat in the banking industry, banks and Payment Service Providers (PSPs) are mandated to adhere to the guidelines on the risk-based cyber security framework”, the document explains.

While the apex bank is yet to announce a date for the re-commencement of the charges, THEWILL recalls that the CBN had in May this year, instructed banks to start the deduction of the cybercrime fee from customers’ transactions.

President Bola Tinubu, however, directed the suspension of the policy for proper review following widespread public outrage by Nigerians who lamented the hardship they were already going through.

https://thewillnews.com/cbn-to-reintroduce-cybersecurity-levy-on-electronic-transactions/

Tax and spend! Tinubu is "widening the tax net".
Thats all they're good at.
The have taxed Lagos businesses to near extinction, but since Lagos is favoured by a lot of factors, businesses have stayed put. They are now desperately trying to export their Lagos slavish tax pllicies to the center.
Grabbing money from every corner, even from the dead. Yet, nothing tangible other than a flashy private jet and bullet proof suvs.
At this rate, they will soon start taxing burial ceremonies.

The government should continue until they get Kenya treatment.

Lagos formula?

I think the government's plan is to eventually kill everything in the country gradually with all this useless and unnecessary policies they fashion out on weekly basis..

The fee has been reduced very very significantly from 0.5% to 0.005% (almost zero percent!) in order not to throw away the baby with the bath water and help FG deliver on the purpose meant for the fund.

0.005% on N100k (one hundred thousand naira) for example is a paltry N5 (five naira) and N50 charge on N1 million naira so it makes absolute sense, low and fair enough in my opinion. Most transactions of the poor range between N1k and N100k so the highest a poor person will pay as cybercrime fee is N5 and lowest is 5 kobo!

There's so much at risk so there must be deliberate effort to sustain the security architecture around this crime.

May God bless Nigeria for ever! Check my signature for free stuffs!

FreeStuffsNG:
The fee has been reduced very very significantly from 0.5% to 0.005% in order not to throw away the baby with the bath water and help FG deliver on the purpose meant for the fund.

0.005% on N100k (one hundred thousand naira) for example is a paltry N5 (five naira) so it makes absolute sense and fair enough in my opinion. There's so much at risk so there must be deliberate effort to sustain the security architecture around this crime.

May God bless Nigeria for ever! Check my signature for free stuffs!

Always defending rubbish!

The amount is not even the primary issue. Why must customers contribute money to secure a private business network?

This is another angle of saner clime vs criminal clime.

In saner climes, the banks pay insurance against cyber crime, they also invest in protecting their network. But criminal climes run by a drug trafficker wants to steal trillions from people.

Tinubu making sure he achieves the target of widening the tax net and reducing the purchasing power of the people

How many times will they introduce, reintroduce and introduce again?

Picture above me lol perfect depiction

jmoore:

Instead of mixing ignorance with lies in order to criminally cyberbully others with a different opinion from your uncouth approach, go and read the whole essence of the cybercrime charge and how it will be managed. If you are truly a fan of sane clime, you will not make a fuss about this issue.

No poor man or woman in Nigeria will cry if 5 kobo is taken from his/her N1,000 to deliver on the mandate of the cybercrime charge. I have always been embarrassed by how on earth you want to use ignorance and lies to replace same people in authority you mock daily. Your ilk are no credible alternative at all.
Beyond insulting and scoffing, your ilk have nothing else to offer. Smh

Every week, Tinubu keeps adding to our burden. He wakes up and flies to one country and to the other, junketing around like a political prima donna. Then he lands in Abuja and after three days, a new type of tax! People are finding it hard to feed. The cost of doing business is at all time high. Transportation costs are over the roof. Yet, he is piling on. Adamantly. Tinubu is systematically killing Nigerians

FreeStuffsNG:
Instead of mixing ignorance with lies in order to bully others with a different opinion from your uncouth approach, go and read the whole essence of the cybercrime charge and how it will be managed. If you are truly a fan of sane clime, you will not make a fuss about this issue.

No poor man or woman in Nigeria will cry if 5 kobo is taken from his/her N1,000 to deliver on the mandate of the cybercrime charge. I have always been embarrassed by how on earth you want to use ignorance and lies to replace same people in authority you mock daily. Your ilk are no credible alternative at all.
Beyond insulting and scoffing, your ilk have nothing else to offer. Smh

NwaNimo1:
Lagos formula?

FreeStuffsNG:
Instead of mixing ignorance with lies in order to bully others with a different opinion from your uncouth approach, go and read the whole essence of the cybercrime charge and how it will be managed. If you are truly a fan of sane clime, you will not make a fuss about this issue.

No poor man or woman in Nigeria will cry if 5 kobo is taken from his/her N1,000 to deliver on the mandate of the cybercrime charge. I have always been embarrassed by how on earth you want to use ignorance and lies to replace same people in authority you mock daily. Your ilk are no credible alternative at all.
Beyond insulting and scoffing, your ilk have nothing else to offer. Smh

Epitome of ignorance!!

As of May, I created a topic to address it and presented what should be the alternative.

Stick to your free stuff bla bla bla..... Even your free stuff na fake.

No poor man will cry if 5 kobo is stolen from him. But when criminal steals 5 kobo times trillions times, the criminal will be laughing on how he has successfully scammed the people without them feeling the pain.

Recently, Tinubu’s government gave a nod to the implementation of cybersecurity levy of 0.5% on electronic transactions, which they said will be used to fight cybercrime.
Crime is crime, do Nigerians pay a certain levy to the police? Do Nigerians pay a certain levy to MTN, Glo, Airtel and 9mobile so they can protect their towers, fibre cables?
It is very worrisome that Nigerians will be forced to pay for the security of private companies. Maybe NERC should direct DISCOs to start charging protection levy on all customers so they can protect their transformers, wires, electric poles, etc.
Companies, public or private should take up the responsibility of protecting themselves with their own funds. It makes no sense to charge customers for this.
Let’s look at what is obtainable in developed countries.

Cyber insurance, also called cyber liability insurance or cybersecurity insurance, is a contract an entity can purchase to help reduce the financial risks associated with doing business online. In exchange for a monthly or quarterly fee, the insurance policy transfers some of the risks to the insurer.
Cybersecurity is not only for banks, any business that has a presence online is prone to cyberattacks.
In 2011, hackers breached Sony's PlayStation Network, exposing the personally identifiable information (PII) of 77 million PlayStation s. The breach prevented s of PlayStation consoles from accessing the service, an outage that lasted for 23 days. Sony incurred more than $171 million in costs related to the breach. Portions of this cost could have been covered by a cyber insurance policy, but Sony didn't have one in place. A court case ruled that Sony's insurance policy covered damage to physical property only, leaving Sony to incur the full amount of costs related to cyber damages.

Investment in cybersecurity by businesses Businesses with presence online need to use their own funds to protect their company from cyberattacks. JPMorgan Chase shared that they spend about $600 million yearly to protect their business.

Finally, Tinubu’s government should abolish the cybersecurity act and discard it in the dustbin. The reason they gave that it will be used tackle cybercrimes and terrorism holds no water. It is obviously a poorly formulated way to impose more taxes on Nigerians.

Written by Jmoore

https://nairaland.unblockandhide.com/8087615/cybersecurity-levy-misguided-policy-see

FreeStuffsNG:
Instead of mixing ignorance with lies in order to bully others with a different opinion from your uncouth approach, go and read the whole essence of the cybercrime charge and how it will be managed. If you are truly a fan of sane clime, you will not make a fuss about this issue.

No poor man or woman in Nigeria will cry if 5 kobo is taken from his/her N1,000 to deliver on the mandate of the cybercrime charge. I have always been embarrassed by how on earth you want to use ignorance and lies to replace same people in authority you mock daily. Your ilk are no credible alternative at all.
Beyond insulting and scoffing, your ilk have nothing else to offer. Smh

You've said it all.

*BREAKING NEWS.*

*PRESIDENT TINUBU'S PRIORITIES AND ACHIEVEMENTS AFTER ONE YEAR IN OFFICE.*

Purchase of Presidential Jet valued at #150 billion naira.
Purchase of Presidential Yath valued at #5 billion naira.
Purchase of Presidential motor cade bullet proof Escalade SUV valued at #2 billion naira.
Purchase of Nigeria AGIP oil company (NAOC) with 17 deep sea upstream oil wells valued at $5 billion USD dollars for his family.
Awarded Lagos to Calabar Coastline super highway project valued at $13 billion USD dollars without biding to his friend.
Naira to USD dollars exchange rate has crashed to #1,600 /dollar.
A litre of petrol is #950.00.
A bag of rice is #88,000.00.
A bag of beans is #145,000.00.
A bag of garri is #130,000.00.
A tuber of yam is #7,000.00.
Transport from Lagos to Abuja is #45,000.00.
Transport from Lagos to Awka is #35,000.00.
Nigeria's debt is #110, trillion naira.
Inflation is 40%.
Rent increases.

Nigerians should be patient with President Tinubu and endure APC nine years misrule.@everyone

Fûcking daylight bandits. What the fûck do they mean by cyber security levy ? That term is a typical secondary school scam used by boarding students to defraud their semi illiterate and distracted parents. THIEVES

jmoore:


Epitome of ignorance!!

As of May, I created a topic to address it and presented what should be the alternative.

Stick to your free stuff bla bla bla..... Even your free stuff na fake.

No poor man will cry if 5 kobo is stolen from him. But when criminal steals 5 kobo times trillions times, the criminal will be laughing on how he has successfully scammed the people without them feeling the pain.




https://nairaland.unblockandhide.com/8087615/cybersecurity-levy-misguided-policy-see

I wanted to ask why bothering yourself with the bunkum but people like him can easily confuse the gullible with their folly. WHAT ON EARTH IS CYBER SECURITY LEVY ? God help us in this country

AfonjaMozlems:
The 40k that this man added to minimum wage has been completely removed plus extra.

Ngozi, take heart; all will be well

AfonjaMozlems:
The 40k that this man added to minimum wage has been completely removed plus extra.

Which 40k? No increments have been made as implementation is only on paper and not in reality

FreeStuffsNG:
The fee has been reduced very very significantly from 0.5% to 0.005% (almost zero percent!) in order not to throw away the baby with the bath water and help FG deliver on the purpose meant for the fund.

0.005% on N100k (one hundred thousand naira) for example is a paltry N5 (five naira) and N50 charge on N1 million naira so it makes absolute sense, low and fair enough in my opinion. Most transactions of the poor range between N1k and N100k so the highest a poor person will pay as cybercrime fee is N5 and lowest is 5 kobo!

There's so much at risk so there must be deliberate effort to sustain the security architecture around this crime.

May God bless Nigeria for ever! Check my signature for free stuffs!

You're very good at calculating this Tinubu tax, but you fail maths for waec 😂😂😂

Tnubu the wicked, heartless and dirty stinking man strikes again

FreeStuffsNG:
The fee has been reduced very very significantly from 0.5% to 0.005% (almost zero percent!) in order not to throw away the baby with the bath water and help FG deliver on the purpose meant for the fund.

0.005% on N100k (one hundred thousand naira) for example is a paltry N5 (five naira) and N50 charge on N1 million naira so it makes absolute sense, low and fair enough in my opinion. Most transactions of the poor range between N1k and N100k so the highest a poor person will pay as cybercrime fee is N5 and lowest is 5 kobo!

There's so much at risk so there must be deliberate effort to sustain the security architecture around this crime.

May God bless Nigeria for ever! Check my signature for free stuffs!

this is on top the usual #56 we have been paying before.

Sho get?

ELECTRONIC CYBER SECURITY LEVY ISN'T THE PROBLEM.
MR. PRESIDENT SHOULD TAG THE NAIRA NOW AT N200 OR AT LEAST N500 : $1.
LET THE TRANSFEROR PAY MORE DOLLAR TO EARN NAIRA.

His toys will not fuel and maintain itself


Do you agree

Cc

Yarimo
Helinues
jmoore
FreeStuffsNG

Tax collector

Let wait and see at implementation

Ewedu people said that this is the best they can offer, a brutal tax collector something that runs in their blood. If the son is not collecting toll fee, the daughter is busy reaping the markets.

Tinubu the tax collector on the beat.

This istration just want to rip Nigerians by all cost.......