SERAP, BudgIT, others sue CBN, want cybersecurity levy stopped

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Friday Sermon: Lets pray constantly and fervently for Nigeria’s peace and progress, By Murtadha Gusau The plaintiffs are also asking the court to determine “whether the CBN Circular dated 6th May 2024, directing financial institutions to deduct from customers’ accounts a cybersecurity levy and section 44 of the Cybercrimes Act are not in breach of sections 14, 44 and 162 of the Nigerian Constitution 1999 , and therefore unconstitutional, null, and void.”

Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership. “The Nigerian government has a legal responsibility to ensure the security and welfare of the people, as provided for under section 14 of the Nigerian Constitution and human rights treaties to which Nigeria is a state party.”

“Section 162 of the Nigerian Constitution provides that all revenues collected by or on behalf of the Government of the Federation are mandatorily required to be paid into the Federation Account save the revenue excepted by the provisions of the section.” “As of 30 April 2024, commercial banks in Nigeria already charge exorbitant fees for electronic transactions, including Electronic Transfer Charges at N53.75 on any amount above N10,000, Stamp Duty of N50 on every transaction and Account Maintenance Charge deducted per month.

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