Chairman of the Senate Committee on National Security and Intelligence, Senator Shehu Umar Buba, on Thursday said the controversial Cybersecurity Levy was meant to enhance the economy and not to punish Nigerians.
Buba stated that the levy was provided for in the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act, 2024.
He insisted that the Cybersecurity Levy is far from being punitive, explaining that there were numerous exemptions to protect and relieve ordinary citizens, particularly the poor.
The exemptions, he pointed out, include salary payments, intra-account transfers, loan disbursements and repayments, and other financial transactions.
The lawmaker revealed that the National Assembly was sufficiently consulted by the Central Bank of Nigeria before the introduction of Cybersecurity Levy in the amended Act, adding that the delay in implementation was due to clause interpretation challenges.
He said, “The Cybercrimes Act of 2015 has provisions for imposing a Cybersecurity Levy since its enactment, but the vagueness of Section 44 led to different interpretations until the 2024 amendments.
“The levy is 0.5%, equivalent to half a per cent of the value of all electronic transactions by businesses specified in the Second Schedule to the Act.
“The amendments addressed crucial gaps in the Act and empowered the nation to implement the National Cybersecurity Programme effectively.”