Senator Shehu Umar Buba, Chairman of the Senate Committee on National Security and Intelligence, has emphasized that the recently introduced cybersecurity levy by the Central Bank of Nigeria (CBN) is not aimed at individuals or regular bank customers. Instead, it is specifically targeted at financial institutions and telecoms companies, which are considered the most vulnerable sectors to financial crimes and cyber fraud, with the goal of bolstering cybersecurity measures and national security.
In a statement released in Abuja, Senator Buba, who sponsored the amendment bill, clarified that the Cybercrime Act clearly outlines the entities responsible for paying the levy, which excludes Nigerian citizens or individuals. The designated businesses required to pay include telecommunications companies, internet service providers, banks, insurance companies, the Nigerian Stock Exchange, and other financial institutions, as outlined in previous circulars by the CBN, notably in 2018. Additionally, exemptions have been provided in the new circular issued by the CBN.
Addressing the amount payable as a cybersecurity levy, Senator Buba explained that it is either 0.005 or 0.5% arithmetically. He clarified that the figure remains consistent, whether expressed as a fraction or a percentage, as it was originally 0.005 in the principal Act, which was converted to 0.5% in the amendment.
Senator Buba underscored that the passage of the amendment bill was the result of collaborative efforts involving various stakeholders, including the government, industry players, civil society, and academia. These stakeholders actively participated in the public hearings preceding the endorsement of the bill by both chambers of the National Assembly.
Amidst ongoing discussions and debates surrounding the cybersecurity levy, Senator Buba's clarification seeks to provide transparency and understanding regarding the scope and intent of the levy, ensuring that it aligns with efforts to strengthen cybersecurity infrastructure in Nigeria.
0 Comments