Senator Shehu Umar Buba, Chairman of the Senate Committee on National Security and Intelligence, clarified that the intention behind the controversial Cybersecurity Levy was to boost the economy rather than penalize Nigerians.
He emphasized that the levy was legally included in the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act of 2024.
Senator Buba highlighted that the Cybersecurity Levy was not punitive as there were several exemptions in place to safeguard and assist ordinary citizens, especially those who are financially disadvantaged.
These exemptions covered various transactions such as salary payments, internal account transfers, loan disbursements, repayments, and other financial activities.
He further disclosed that the Central Bank of Nigeria consulted extensively with the National Assembly before introducing the Cybersecurity Levy through the amended Act.
The delay in implementation was attributed to challenges in interpreting certain clauses within the legislation.
Senator Buba also mentioned that the Cybercrimes Act of 2015 initially allowed for a Cybersecurity Levy, but ambiguities in Section 44 necessitated clarifications through the 2024 amendments.
The levy, set at 0.5% of the value of electronic transactions specified in the Second Schedule of the Act, aimed to bridge critical gaps in the legislation and empower the country to effectively execute the National Cybersecurity Programme.
