‘This is extortion,’ Nigerians slam CBN’s new cybersecurity levy

Social media users across Facebook, Instagram and X, have lamented the newly introduced 0.5 per cent cybersecurity levy to be charged on all bank transactions.

The Central Bank of Nigeria (CBN), issued a circular to all commercial, merchant, non-interest, and payment service banks, among others; revealing that the implementation of the levy would commence two weeks from Monday, May 6, 2024.

The circular stated partly, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy.”

It’s worth noting that the levy will be paid by the originator of the electronic transaction and deducted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, “Cybersecurity Levy.”

Thereafter, the levy will be deducted by financial institutions and then remitted to the National Cybersecurity Fund administered by the Office of the National Security Adviser.

Due to the directive, some online users have expressed dissatisfaction about the high rate of levies being paid to Nigerian banks, while others have charged that the administration of President Bola Tinubu is “milking” the poor and lacks effective economic policies.

A user, Chainitator, tweeting as @Chainitator, wrote, “What are these people turning Nigerians to? They’ve added all kinds of deductions to my account. What is a cybersecurity levy? This is extortion. It’s always the banks’ responsibility to protect people’s money and information. Why is this administration interfering? This is criminal.”

Another tweep, identified as Amber, tweeting as @TheRealCEOAmber, opined, “One day, these people will start deducting us for waking up and sleeping.”

A user, A. sanwo, with the username @O_sanwoabiola, stated, “A leopard never changes its spots. This administration will tax with everything in their capacity.”

A user on X, Realdentro®️, tweeting as @sunnshyn01, opined that the 0.6 per cent levy could have been much reduced.

He wrote, “A whopping 0.5% for just levy in this current economy? Come on, this is too much. This shouldn’t be more than 0.02% if you must collect from the common man. This APC government keeps introducing charges, raising bills and all sorts of things. This is not nice at all and should be challenged in court seriously.”

Another tweep, Iam_Mesigo, with the username @MESIGO422, tweeted, “All part of the schemes of collecting people’s money. Very soon, you will hear BVN security levy.”

On Facebook, one Ekenedirichukwu Arodiogbu wrote, “This is what our youths who say they will not leave Yahoo have caused. Now all of us are suffering for it. Cybersecurity is to fight fraud.”

Joel Robinson stated, “Hope the bank will be liable to any fraud on the account after deducting charges.”

Another Facebook user, Olaide Ayodele asked, “Must the masses suffer because of your incompetence? I need someone to point out just one thing this administration has done for the masses if not hardship?”

Adesope Olugbade stated, “Why is the government enjoying the groaning of Nigerians? No single policy has ever favoured the common man in Nigeria.”

Chibest Tee Media wrote on Facebook that poor people are the ones suffering.

“These people dey confused. Poor people are suffering. The only way u guys can do to help the masses is to ask banks to charge them. What a country called Nizooria!”

An Instagram user, @Uche1r, wrote, “And if we lose our funds as always reported after paying this levy, we sue the recipient of these funds.”

A user, @mummy_b3, stated, “Electronic charge, stamp duty, SMS charges. Now cyber security levy. On top of how much?”

Another user, @dr_chiamakaobim, wrote, “At this pace, we will soon be charged for breathing #free oxygen# given by God to mankind.”