President Bola Ahmed Tinubu’s spokesperson, Bayo Onanuga, has clarified that the cybersecurity charge recently imposed on all banks and financial institutions is 0.005 percent, not 0.5 percent.

In a notice published on Monday, the Central Bank of Nigeria directed all banks to gather and send the cybersecurity levy to the National Security Adviser.

The bank claimed that implementing the 2024 Cybercrime Act (prohibition, prevention, etc.) led to the deduction and collection of the cyber security charge.

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Onanuga did, however, clarify in a post made on his official X Twitter that the charge is 0.005% in accordance with the establishment statute.

“Cybersecurity levy is not 0.5 percent but 0.005 percent”, he wrote.

According to a more thorough analysis, sixteen transactions were free from the charge.

The levy, however, caused concern due to Tinubu’s administration’s many taxes.

ZINGTIE notes that to meet the conditions for a $750 million loan from the World Bank, the administration also intends to reinstate the telecommunications tax and other fiscal measures.

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