Amidst anger from Nigerians, particularly the Organised Private Sector, regarding the 0.5% cybersecurity levy on electronic transactions, the Senate has defended the proposed implementation by the Central Bank of Nigeria (CBN).
By virtue of provisions of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024, and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to half a per cent of all electronic transaction values by the businesses specified in the Second Schedule of the Act is to be remitted to the National Cybersecurity Fund, which the Office of the National Security Adviser shall administer.
Chairman of the Senate Committee…
Source: Nigerian Tribune
