The Northern Elders Forum, led by Ango Abdullahi, on Thursday condemned the Central Bank of Nigeria’s decision to impose cybersecurity levy on banking customers across the country.
NEF expressed its displeasure with the policy in a statement issued in Kaduna through its Director of Public Affairs and Advocacy, Abdul Aziz Suleiman.
Citing increased costs associated with banking transactions as a result of multiple charges, the forum said the CBN directive is “arbitrary, illegal and out of touch with the reality faced by Nigerians.” said.
Northern organizations therefore called on the government to reconsider its policies and consider alternative measures to encourage the use of electronic payments while easing the financial burden on individuals.
The NEF noted that the introduction of the cybersecurity tax, on top of existing fees such as stamp duty, transfer fees, value added tax and SMS charges, imposes an intolerable financial burden on individuals conducting electronic transactions.
The forum highlighted the range of charges currently faced by bank customers, including cyber security tax, transfer fees, stamp duty and value added tax ranging from £5 on £1,000 to £50,000 on 10 million transactions. These additional costs have significantly increased the overall cost of electronic transactions for both senders and receivers.
While the NEF recognizes the importance of cybersecurity in protecting electronic transactions, the need for a more balanced approach ensures that the cost of security measures is reasonable and does not impose an undue burden on bank customers. emphasized.
NEF states that the additional financial burden imposed by cybersecurity tax is unfair and unwarranted in a country already facing economic challenges and overreach, and urges governments and relevant stakeholders to He called for finding sustainable solutions that strike a fair balance between strengthening and strengthening. and reduce the economic burden on Nigerians.
“It is imperative that the administration considers the concerns raised by the majority of Nigerians and prioritizes policies that protect the interests of the people while promoting economic growth and development.”
The Forum's position emphasizes the importance of considering the impact of regulation on the general public and advocating for measures that promote financial inclusion and alleviate economic challenges.
“It is important that government listens to the concerns of organizations like NEF and works to implement policies that benefit all Nigerians, rather than imposing additional costs and hardships on them.
“It is important to strike a delicate balance between strengthening cybersecurity and easing the economic burden on our citizens, especially at a time when the Nigerian economy faces significant challenges due to inflation and other economic factors.” he added.
NEF called on authorities and stakeholders to engage in meaningful consideration and find solutions to address the legitimate concerns raised by the public regarding cybersecurity taxation.
