The Director of CPPE, Dr Muda Yusuf, disclosed this in a statement on Tuesday, calling for its suspension due to the hardship Nigerians face. He explained that going by the Nigeria Interbank Settlement System data, NIBSS, electronic payments on its platform in 2023, which stood at N600 trillion, applying the 0.5 per cybersecurity levy would amount to N3 trillion.
'By the account of the Nigeria Interbank Settlement System, NIBSS, electronic payments on its platform in 2023 was N600 trillion. 0.5 per cent of this is N3 trillion. 'The industry data of electronic payments in 2022, according to the CBN website, was N1550 trillion. 0.5 per cent of this gives N7.75 trillion. Even if we discount these numbers for the exemptions provided in the law, what will be left would still be staggering.
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