President Bola Ahmed Tinubu has halted the implementation of the cybersecurity levy outlined in the Cybersecurity Act 2015, recently introduced by the Central Bank of Nigeria (CBN). The move comes in response to concerns about the financial strain on citizens already grappling with economic hardships.
While Senate Committee Chairman on National Security and Intelligence, Senator Shehu Buba, clarified that the levy primarily targets financial institutions and telecoms firms to bolster cybersecurity measures, the presidential directive reflects a pause in its implementation.
The cybersecurity levy, outlined in compliance with the Cybercrime Act of 2015, aims to bolster Nigeria’s cybersecurity infrastructure, with proceeds directed to the National Cybersecurity Fund (NCF) under the Office of the National Security Adviser (ONSA).
Contrary to earlier reports, the suspension was directed to the NSA, affirming Tinubu’s respect for the rule of law and acknowledging CBN’s regulatory autonomy. The move underscores Tinubu’s sensitivity to public sentiment, aiming to prevent additional financial burdens on businesses and citizens.
Senator Buba clarified that the levy is not intended to burden individual citizens but targets specific sectors prone to financial crimes and cyber fraud. He emphasized collaborative efforts in the passage of the amendment bill, highlighting stakeholders’ active involvement and the bill’s endorsement by the National Assembly.
Buba reassured Nigerians that the cybersecurity law is not punitive, recognizing concerns about the country’s economic climate. He emphasized the collaborative approach in drafting the legislation and its intended focus on enhancing national security.
Tinubu’s directive and Buba’s clarification provide insights into the complexities surrounding cybersecurity legislation, balancing security needs with economic realities. As Nigeria navigates evolving cyber threats, collaborative efforts and public dialogue remain crucial in shaping effective cybersecurity policies.
