CBN's new 0.5% cybersecurity levy directive stirs mixed reactions in Nigeria. Concerns arise over financial burdens and government allocation amid socio-economic challenges.
The Central Bank of Nigeria (CBN) has issued a directive requiring deposit money banks to impose a 0.5% cybersecurity levy on transactions, as mandated by the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
The levy is intended to finance the National Cybersecurity Fund (NCF), overseen by the Office of the National Security Adviser (ONSA). Effective within two weeks of the circular date, financial institutions are obligated to deduct and remit the levy monthly. While some Nigerians have expressed concerns about the potential increase in financial burdens, others have criticized the government's allocation of funds amidst pressing socio-economic challenges.
Responses on social media reflect a broader skepticism towards governance and economic policies, with citizens questioning the transparency and accountability of government decisions. Many Twitter users have highlighted their disillusionment with the state of governance, lamenting the additional financial strain amidst existing economic hardships.
The diverse reactions underscore widespread concerns about financial transparency, governance priorities, and the socio-economic implications of government policies on the population.
