The Northern Elders Forum (NEF) has strongly condemned the Central Bank of Nigeria (CBN)’srecent decision to impose a cybersecurity levy onbankcustomers.
In a statement released by theNEF’sDirector of Publicity and Advocacy, Abdul-Azeez Suleiman, the forum expresseditsdissatisfaction with the policy, citing the escalating costs associated with banking transactionsas a result ofmultiple charges.
The NEFcriticisedtheCBN’sdirective as”arbitrary, illegal, and out of touch with the realities faced by Nigerians.”
The forum called on the government to reconsider the policy and explore alternative measures to ease the financial strain on individuals while still promotingthe use ofelectronic payments.
The NEF pointed out thatthe introduction ofcybersecurity levies, in addition to existing fees such as stamp duty, transfer fees, value-added tax, and SMS charges, has placed an unbearable financial burden on individuals engaging in electronic transactions.
While acknowledging the importance of cybersecurity in safeguarding electronic transactions, the NEFemphasizedthe need for a more balanced approach that ensures the costs of security measures are reasonable and do not excessively burden bank customers.
The NEF said that in a country already grappling with economic challenges and hyperinflammatory conditions,”the additional financial burden imposed by the cybersecurity levy is unjust and unfair, and urged the government and relevant stakeholders to find a sustainable solution that strikes a fair balance between enhancing cybersecurity and alleviating the financial strain on the Nigerian populace.”
“It is imperative that the administration takes into account the concerns raised by a vast majority of Nigerians andprioritisespolicies that protect theinterests of the peoplewhile also fostering economic growth and development.
“It is crucial that the government listens to the concerns oforganisationslike the NEF and works towards implementing policies that benefit all Nigerians, rather than burdening them with additional costs and hardships.
“It is essential to strike a delicate balance between enhancing cybersecurity and easing the financial burden on the populace, particularlyat a timewhen the Nigerian economy is facing significant challenges due to inflation and other economic factors,”the NEF stated.
