Experts Kick against 0.5% Cybersecurity Levy

By Micheal Adeyemo

Two Financial Experts have appealed to the federal government to make Cyber Security levy part of budgetary allocation, rather than imposing it on Nigerians.

The Financial Experts, Mr Bello Muhammad and Mr Wale Akintola made this known on Pensioners FM’s Weekend Current Affairs programme “Voice of Liberation”.

Mr Muhammad and Mr Akintola, who called for the suspension of the cyber security levy, described it as another burden on Nigerians.

Mr Muhammad and Mr Akintola stated that the levy came at a time when Nigerians are still grappling with the effects of fuel subsidy removal, the floating of naira, and some other government policies.

Contributing, a Public Affairs Analyst, Honourable Femi Adebisi,  also collaborated that the levy will be a burden Nigerians.

Recall that the Central Bank of Nigeria, CBN had ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country starting 20th of this month, excluding 16 listed banking deals.

The excluding listed banking deals are Loan disbursements and repayments, Salary payments, Intra-account transfers within the same bank or between different banks for the same customer and Intra-bank transfers between customers of the same bank. While those mandated to pay the security levy include  telecommunications companies, financial institutions, and the Nigerian Stock exchange market.

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