By Milcah Tanimu

The Office of the National Security Adviser (ONSA), under Nuhu Ribadu’s leadership, is poised to amass approximately N415 billion monthly from the newly imposed 0.5% cybersecurity levy on all electronic transactions. This revelation follows a recent circular issued by the Central Bank of Nigeria mandating banks and other financial institutions to deduct the levy from electronic transactions conducted by Nigerians.

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), electronic transactions in the country reached a record high of N83 trillion by March. Calculations based on this figure indicate that the levy would yield approximately N415 billion monthly, depending on transaction volumes.

The implementation of this levy is in line with the Cybercrime (Prohibition, Prevention, etc.) (amendment) Act 2024, with Ribadu advocating for its full enforcement, including the activation of the National Cybersecurity Fund.

In a statement from the Head of Strategic Communication Office of the NSA, Zakari Mijinyawa, the levy aims to safeguard Nigeria’s Critical National Information Infrastructure (CNII), counter-terrorism, strengthen national security, and protect economic interests.

Financial institutions are tasked with deducting the levy from electronic transactions and remitting it to the National Cybersecurity Fund (NCF), domiciled at the Office of the National Security Adviser. Failure to comply may result in penalties, including fines of up to 2% of a financial institution’s annual turnover.