Senate backs FG, CBN over cybersecurity levy

The Chairman of the Senate Committee on National Security and Intelligence, Senator Shehu Umar Buba, has allayed the fears being entertained by Nigerians over the proposed implementation of the Cybersecurity levy by the Central Bank of Nigeria .

Senator Buba said the amendments to the Cybercrimes Act were collaborative effort with the National Assembly’s ICT and Cyber Security Committee. Explaining further he said committee also underwent a transparent public hearing process, receiving contributions from various stakeholders. “The amendments addressed crucial gaps in the Act and empowered the nation to implement the National Cybersecurity Programme effectively. They also seek to realign and empower the country to combat the inadequate funding and disruptive effects of cyber threats on national security and critical economic infrastructures.”

While maintaining that the Committee’s mandate is to create laws that align with the aspirations of Nigerians, he appealed for public support, assuring that the policy will yield maximum benefits for citizens in the shortest possible time. The exemption also applies to interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, and Letters of Credit .

The House of Representatives has directed the Central Bank of Nigeria to stop the implementation of the 0.5 per cent cybersecurity levy on transactions designed to contain growing threats of cybercrime in the financial system. This resolution follows a motion of urgent public importance moved on Thursday by the Minority Leader of the House,…

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