Cybersecurity levy 0.005% not 0.5% – Tinubu’s aide Onanuga makes clarifications

Bayo Onanuga, the spokesperson to President Bola Ahmed Tinubu, has clarified that the recently introduced cybersecurity levy to all banks and financial services is 0.005 per cent, not 0.5 per cent.

 

The Central Bank of Nigeria, in a notice on Monday, ordered all banks to collect and remit cybersecurity levy to the National Security Adviser.

 

The bank stated that the deduction and collection of the cyber security levy is the sequel to the enactment of the 2024 Cybercrime (prohibition, prevention, etc.)

 

However, Onanuga, in a post through his official X handle, clarified that the levy is 0.005 per cent in line with its establishment law.

 

“Cybersecurity levy is not 0.5 per cent but 0.005 per cent”, he wrote.

 

A further analysis of the levy showed that 16 transactions were exempted.

 

Meanwhile, the levy raised alarm over multiple taxes by Tinubu’s administration.

 

Recall that the government also plans to reintroduce the Telecommunications tax and other fiscal measures as part of the requirement for a $750 million loan from the World Bank.