The Central Bank of Nigeria will raise N50 billion by the end of 2024 through a 0.005 percent cybersecurity fee on electronic transactions.
Vincent Nwani, Head of Research at FMDQ Group Plc, disclosed in a statement.
His comments come as the CBN’s latest document, Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, confirms the cybersecurity levy’s implementation.
In response, Nwani stated, “The CBN is expected to raise N50bn from the cybersecurity levy by 2024.”
Data from the Nigeria Inter-Bank Settlement System revealed that electronic payments totalled N987 trillion between 2022 and 2023. Applying the 0.005% levy to this amount yields an expected revenue of almost N49.35 billion.
“For instance, we saw a remarkable 55 percent surge in the total electronic payments, from N387 trillion in 2022 to N600 trillion in 2023 and the 2024 figure is projected at N999.9 trillion.
“At 0.005 percent cyber security fees, the Nigerian government will earn N19.5 billion for 2022, N30 billion for 2023; 2024 will be equivalent to N50 billion [projected figure] from its citizens,” Nwani stated.
Recall that in a notice in May, the CBN mandated all banks in Nigeria to collect and remit a 0.5 percent cyber security levy to the office of the National Security Adviser.
However, amid outrage over the levy, President Bola Ahmed Tinubu ordered its suspension.
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