CBN to Generate N50 Billion by End of 2024 Through Cybersecurity Levy on Electronic Transactions
By Trek Africa Newspaper
The Central Bank of Nigeria (CBN) plans to raise approximately N50 billion by implementing a 0.005 percent cybersecurity levy on electronic transactions by the end of 2024. This development was disclosed by Vincent Nwani, Head of Research at FMDQ Group Plc, in response to the CBN’s recent announcement regarding its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025.
Nwani noted that the anticipated revenue stems from a substantial increase in electronic payments, which reached a staggering N987 trillion between 2022 and 2023. With the application of the 0.005 percent levy, the estimated revenue is around N49.35 billion.
He explained, “We observed a remarkable 55 percent surge in total electronic payments, rising from N387 trillion in 2022 to N600 trillion in 2023, with projections for 2024 estimating this figure to be about N999.9 trillion. At the 0.005 percent cybersecurity fee, the government expects to earn N19.5 billion for 2022, N30 billion for 2023, and a projected N50 billion for 2024.”
Earlier, in May, the CBN mandated all banks to collect and remit this 0.005 percent cybersecurity levy to the office of the National Security Adviser. However, following public backlash, President Bola Ahmed Tinubu ordered a suspension of the levy, highlighting the government’s intent to reassess the measure amidst ongoing concerns from citizens.
