“Tinubu Is Over Taxing US” – Nigerians Cry Out Over Recent Cybersecurity Levy On All Bank Customers’ Accounts

By Wisdom Nwedene

Mixed reactions have trailed recent Cybersecurity Levy which Nigerian commercial Banks have been ordered to deduct from all their customers.

9News Nigeria reports that the cybersecurity levy on all electronic transactions will start May 20, 2024, six years after it first issued the directive.

The deductions were to be remitted to the National Security Fund, which is being administered by the Office of the National Security Adviser (ONSA).

The deductions were to be effected on all electronic transactions consummated through commercial banks, merchant banks, non-interest banks, payment system banks, Other Financial Institutions (OFIs) mobile money operators and payment service providers. Failure to comply and remit within the stipulated timeframe will lead to a penalty of two per cent of the annual turnover of the institution.

On June 25, 2018, the apex bank had released guidelines for the collection of a 0.005 per cent levy on electronic transactions for the National Cybersecurity Fund, directing that the levy will take effect from 1st of July 2018. The directive however did not take off.

Consequently, in a circular dated May 6, 2024 and jointly signed by the CBN director of payments systems management, Chibuzor Efobi and Director, Financial Policy and Regulation, Haruna Mustafa, the CBN directed that banks in the country begin the deductions for onward remittance.

Speaking with 9News Nigeria correspondents, many Nigerians said Tinubu’s government is bent on over taxing Nigerians.

Mr Nnaemeka Ani described Tinubu’s government as a disaster. According to him, “Nothing is working in the country. The only thing they know is how to impoverished the masses.”

A Nigerian Lawyer who spoke with 9News Nigeria correspondent, Mr Festus Oguche said which one is cyber security levy? Will it provides security against bandits,Boko Haram and kidnappers?.

A trader at popular International Market in Ebonyi State wondered why Tinubu’s government is over taxing people that are underpaid.

He said “You keep burdening people who are already over taxed, underpaid, underfed and barely surviving undecided.”

Meanwhile, for the past nine months, Nigerians have been lamenting over the economic hardship in the country.