The Chairman of the Senate Committee on National Security and Intelligence, Senator Shehu Umar Buba has emphasized that the controversial Cybersecurity Levy is aimed at boosting the economy rather than penalizing Nigerians.
Buba clarified that the levy was incorporated into the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act, 2024, with the intention of enhancing national cybersecurity measures.
He stressed that the Cybersecurity Levy is not punitive, highlighting numerous exemptions designed to protect ordinary citizens, especially those with limited financial means. These exemptions include salary payments, intra-account transfers, loan disbursements and repayments, and other financial transactions.
The lawmaker revealed that the Central Bank of Nigeria extensively consulted the National Assembly before introducing the Cybersecurity Levy as part of the amended Act. He attributed the delay in implementation to challenges related to interpreting specific clauses.
Buba explained, “The Cybercrimes Act of 2015 has provisions for imposing a Cybersecurity Levy since its enactment, but the vagueness of Section 44 led to different interpretations until the 2024 amendments.”
He further elaborated, “The levy is 0.5%, equivalent to half a per cent of the value of all electronic transactions by businesses specified in the Second Schedule to the Act.
“The amendments addressed crucial gaps in the Act and empowered the nation to implement the National Cybersecurity Programme effectively.”