Following the instruction of the Central Bank of Nigeria (CBN) , with its directive to impose a 0.5% cybersecurity levy on transactions, widespread discontent has spread among Nigerians already grappling with economic n
challenges.
The levy, which the CBN says is aimed at bolstering cybersecurity measures, has faced vehement opposition from citizens burdened by the escalating cost of living crisis.
Many Nigerians have taken to social media platforms to express their dissatisfaction, citing concerns over the strain it will place on their finances.
A user asked why Citizens should be levied for the runnings of the CBN or the NSA? Nigerians are wondering if other Government agencies will also start levying them.
Another user said that
the CBN cannot be encouraging a cashless economy then go ahead to reap customers of every kobo they have all in the name of taxes.
The levy stems from the enactment of the 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act, mandating a 0.5% deduction from electronic transactions for the National Cyber Security Fund.
With citizens already struggling with soaring living costs, the imposition of additional levies has reignited calls for fiscal prudence and accountability from government authorities.
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