SERAP gives FG 48hrs to reverse 0.5% cybersecurity levy

The Socio-Economic Rights and Accountability Project (SERAP) has issued a warning to the federal government to reverse the 0.5 per cent cybersecurity levy imposed by the Central Bank of Nigeria.

The nonprofit group threatened to take the government to court should the directive not be withdrawn in the next 48 hours.

SERAP made this known in a post on its official X handle on Tuesday.

“The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians,” the group said.

“We’ll see in court if the directive is not withdrawn within 48 hours,” it added.

In the next two weeks, banks in Nigeria will start charging a 0.5 per cent cybersecurity levy on electronic transfers, following a directive from the CBN.

The CBN made the announcement in a circular signed by Chibuzor Efobi, the director of payments system management, and Haruna Mustafa, the director of financial policy and regulation.

The circular was directed to all commercial, merchant, non-interest and payment service banks, among others.

The deduction and collection of the cybersecurity levy is a sequel to the enactment of the 2024 Cybercrime (prohibition, prevention etc) Amendment Act of 2024, the CBN revealed.