THE Central Bank of Nigeria will be raising N50 billion by the end of 2024 from a 0.005 percent cybersecurity levy on electronic transactions.
The Head of Research, FMDQ Group Plc, Vincent Nwani disclosed in a statement.
His comments come as CBN in its latest document, Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 confirmed the implementation of the cybersecurity levy.
Reacting to the development, Nwani said, “The CBN is expected to raise N50bn from the cybersecurity levy by 2024.”
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Data from the Nigeria Inter-Bank Settlement System had revealed that electronic payments reached a combined total of N987 trillion between 2022 and 2023.
Applying the 0.005 percent levy to this total results 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.
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“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 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.
