The Socio-Economic Rights and Accountability Project (SERAP) has given the Federal Government a 48-hour deadline to reverse the 0.5% cybersecurity levy imposed on Nigerians.
In a statement on its official X handle on Tuesday, SERAP threatened to take legal action if the “grossly unlawful” directive by the Central Bank of Nigeria (CBN) is not withdrawn.
The statement reads: “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 We’ll see in court if the directive is not withdrawn within 48 hours.”
The CBN had issued a circular on Monday directing banks to levy a 0.5% cybersecurity charge on electronic transactions effective May 20, 2024.
The levy will be reflected in customers’ accounts as “Cybersecurity Levy” and deducted and remitted by financial institutions.
SERAP’s ultimatum comes as many Nigerians have expressed outrage over the new levy, which they say will further burden them financially. The government’s response to the ultimatum remains to be seen.
