‘It’s additional hardship for students’, NANS rejects cybersecurity levy

The National Association of Nigerian Students (NANS) has bemoaned the newly introduced 0.5 per cent cybersecurity levy to be charged on all bank transactions.

The Central Bank of Nigeria (CBN), on Monday, issued a circular to all commercial, merchant, non-interest, and payment service banks, among others; noting that the implementation of the levy would start two weeks from Monday, May 6, 2024.

The circular stated partly, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy.”

In a communiqué issued by NANS President, Pedro Obi, the union expressed deep concerns over the introduction of another policy that “burdens the already-strained populace, especially amidst prevailing economic challenges.”

NANS firmly denounced the CBN’s new directive, labeling it as an undue strain on hardworking Nigerians.

“While purportedly aimed at enhancing cybersecurity frameworks, NANS emphasizes that this levy only adds to the financial pressures faced by individuals and businesses across the nation.

“We hereby calls for alternative measures to finance this instead of further taxing Nigerians, in the face of numerous other charges already imposed on electronic transactions, the cashless policy may be defeated.

“NANS urges the government to reconsider this levy in light of its detrimental impact on suffering Nigerian students, businesses, and the general populace, and instead advocates for policies that alleviate, rather than exacerbate economic burdens,” the communiqué said.