The Lagos Chamber of Commerce & Industry (LCCI) has called on the government to reconsider the implementation of the 0.5 per cent cybersecurity levy on all banking transactions, as its timing is wrong.
The director-general of LCCI, Dr. Chinyere Almona said, the directive by the Central Bank of Nigeria (CBN) to banks to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5 per cent cybersecurity levy on Nigerians, is a subject of concern to the Chamber.
According to her, “by this directive, individuals and businesses will be burdened with an additional levy amidst unsettled performance crises with power supply after the recently reviewed electricity tariffs. Unfortunately, the upward review of the electricity tariff has not brought about a commensurate boost in power supply to justify the additional costs to individuals and businesses.
“We urge the government to reconsider the implementation of this directive as its timing is wrong, and the justification is unclear. This directive should be withdrawn while we call for more consultations with critical stakeholders.”
