No Punishment For Citizens: Senate Committee Outlines Scope Of Cybersecurity Levy

The Central Bank of Nigeria (CBN) cybersecurity levy primarily targets financial institutions and telecom companies, not individuals or bank customers, according to Senator Shehu Umar Buba, Chairman of the Senate Committee on National Security and Intelligence.

The levy aims to bolster cybersecurity measures and enhance national security in Nigeria, focusing on sectors deemed most vulnerable to financial crimes and cyber fraud. Senator Buba clarified that businesses, not citizens, are responsible for paying the levy as per the Cybercrime Act of 2015, which lists telecommunications companies, Internet Service Providers, Banks, Insurance Companies, the Nigerian Stock Exchange, and other Financial Institutions as levy payers. He explained that the amendment to the act maintains the same levy rate, either 0.005 or 0.5%, and stressed that the collaboration among stakeholders led to the approval of the amendment bill. Despite concerns about the economic impact, Senator Buba assured citizens that implementing the cybersecurity law is not meant to punish them, with the financial burden primarily falling on designated companies.

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