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| The National Association of Nigerian Students (NANS) |
In a statement by NANS President, Pedro Obi, the association articulated its serious concerns regarding the introduction of another policy that "imposes additional burden on the already-stretched citizens, particularly in the midst of current economic hardships."
The National Association of Nigerian Students (NANS) has voiced its objection to the newly introduced 0.5 percent cybersecurity levy on all bank transactions.
The Central Bank of Nigeria (CBN) released a circular to all commercial, merchant, non-interest, and payment service banks, among others, on Monday, indicating that the levy's implementation would commence two weeks from Monday, May 6, 2024.
The circular mentioned, “The levy will be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount will be shown in the customer’s account with the description, ‘Cybersecurity Levy.’”
In a statement by NANS President, Pedro Obi, the association articulated its serious concerns regarding the introduction of another policy that "imposes additional burden on the already-stretched citizens, particularly in the midst of current economic hardships."
NANS strongly criticized the CBN’s recent policy, describing it as an unnecessary hardship on industrious Nigerians.
“Although it is ostensibly designed to bolster cybersecurity measures, NANS points out that this levy merely increases the financial strain on individuals and businesses throughout the country.
“We hereby call for alternative funding methods rather than imposing further taxes on Nigerians, which, in light of the numerous other fees already levied on electronic transactions, could undermine the cashless policy.
“NANS implores the government to reevaluate this levy considering its adverse effects on struggling Nigerian students, businesses, and the broader public, and to instead pursue policies that reduce, not compound, economic hardships,” the statement read.
