Taiwo Popoola
The Central Bank of Nigeria will be raising N50 billion by the end of 2024 from a 0.005 percent cybersecurity levy on electronic transactions.
The Head of Research, FMDQ Group Plc, Vincent Nwani disclosed in a statement.
His comments come as CBN in its latest document, Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 confirmed the implementation of the cybersecurity levy.
Reacting to the development, Nwani said, “The CBN is expected to raise N50bn from the cybersecurity levy by 2024.”
Data from the Nigeria Inter-Bank Settlement System had revealed that electronic payments reached a combined total of N987 trillion between 2022 and 2023.
Applying the 0.005 percent levy to this total results in an estimated revenue of approximately N49.35 billion.
“For instance, we saw a remarkable 55 percent surge in the total electronic payments, from N387 trillion in 2022 to N600tn in 2023 and the 2024 figure is projected at N999.9tn.
“At 0.005 percent cyber security fees, the Nigerian government will earn N19.5 billion for 2022, N30bn for 2023; 2024 will be equivalent to N50bn [projected figure] from its citizens,” Nwani stated.
Recall that in a notice in May, the CBN Mandated all Banks in Nigeria to collect and remit a 0.5 percent cyber security levy to the office of the National Security Adviser.
However, amid outrage over the levy, President Bola Ahmed Tinubu ordered its suspension .