SERAP gives Tinubu govt 48 hours to revoke CBN cybersecurity levy

In response to the recent directive issued by the Central Bank of Nigeria (CBN), the Socio-Economic Rights and Accountability Project (SERAP) has demanded the immediate retraction of the cybersecurity tax within 48 hours.

The CBN had mandated all financial institutions to impose a 0.5% cybersecurity tax on electronic transactions, following the updated Cybercrime Act of 2024.

The directive, outlined in a circular, requires financial institutions to deduct the levy at the point of electronic transfer origination, with the collected amount designated as a “Cybersecurity Levy” in the customer’s account.

These levies are to be remitted to the National Cybersecurity Fund (NCF), managed by the Office of the National Security Adviser (ONSA).

Expressing concern over the directive, SERAP denounced it as “grossly unlawful” and demanded its immediate withdrawal. In a statement, SERAP warned of legal action if the directive is not rescinded within the stipulated 48-hour timeframe.

SERAP’s statement read: “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. We’ll see in court if the directive is not withdrawn within 48 hours.”

This development highlights growing tensions over the implementation of cybersecurity measures and their implications for Nigerian citizens. All eyes are now on the response from the Tinubu government and the CBN as the deadline looms.