CSOs URGE FG TO REINTRODUCE CYBER SECURITY LEVY
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Given the benefits of an improved security framework for financial activities in the nation, the Federal Government has been encouraged by the Coalition of Civil Society Organizations, operating under the auspices of the Forum for Good Governance in Nigeria (FGGN), to reinstate the Cyber Security Levy.
The CSOs assert that the benefits of the cyber security levy exceed the justifications offered for its repeal.
Three days prior to its scheduled implementation, the controversial 0.5% cybersecurity charge on electronic transfers was removed by Nigeria’s central bank.
The Civil Society Organisations in a communiqué issued after a one-day Review Meeting with the theme “Economic implications of Revoking the Cyber Security Levy vis-a-vis the advantages”,” backed the reintroduction of the Levy,since it’s in line with internationally best practices”.
In the communiqué jointly signed by the National Coordinator and Secretary;Comrade Abraham Douglas and Comrade Bala Galadima Ikara,members of the CSOs across 28 States of Nigeria reviewed the pros and cons and agreed that the cyber security levy will enhance the security framework of financial operations.
They insisted that the Cyber Security Levy should be re-Introduced considering the advantages, adding that “there is no alternative to a secured and trustworthy electronic transaction environment which will promote economic growth and digital financial inclusion.”
According to the groups, considering the country’s battered image globally, the Levy will help fund the development of a robust cybersecurity infrastructure.”Cyber funding has become a veritable means of funding for terrorists and there’s no way to combat terrorism successfully without denying them their sources of funding.”
“Further explaining reasons for supporting CBN over the Cyber Security Levy is the implementation of advanced security measures; protecting financial institutions and customers from cyber threats and attacks by the so called ,”Yahoo Boys” .Adding that Cyber crimes have destroyed the lives of many young people and must be discouraged.”
The communique further reads: “That in Compliance with Global Standards, the levy will help Nigeria align with international best practices in cybersecurity, enhancing the country’s reputation and attract foreign investment, as investors will be assured of a secure environment for their investments.”
“We did concur in line with the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act’, which is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).”
“This is because the implementation of the Levy will no doubt enhance National Security and guarantee strengthening of cybersecurity; protecting critical infrastructure and sensitive information.”
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