Cybersecurity levy was introduced by the CBN in May, however, President Bola Tinubu ordered its suspension after public outcry
By Kehinde Okeowo
The Head of Research, FMDQ Group Plc, Vincent Nwani has disclosed that the Central Bank of Nigeria (CBN) is expected to raise N50 billion by the end of 2024 from the 0.005 per cent cybersecurity levy it imposed on electronic transactions.
He made the prediction in a statement released after the apex bank confirmed the implementation of the cybersecurity levy in its latest document, Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025.
Reacting to the development, Nwani said, “The CBN is expected to raise N50bn from the cybersecurity levy by 2024.”
He noted that data from the Nigeria Inter-Bank Settlement System revealed that electronic payments reached a combined total of N987 trillion between 2022 and 2023.
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He went on to say applying the 0.005 per cent levy to this total will result 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 said.
In May, a notice from the CBN mandated all banks in Nigeria to collect and remit a 0.5 per cent cybersecurity levy to the office of the National Security Adviser.
However, President Bola Ahmed Tinubu ordered the suspension of the levy after a public outcry.
