NANS rejects cybersecurity levy, says it’s added hardship for students

NANS rejects cybersecurity levy, says it’s added hardship for students

The National Association of Nigerian Students (NANS) has voiced dismay over introducing a 0.5% cybersecurity levy on all bank transactions.

In a circular issued by the Central Bank of Nigeria (CBN) on Monday, the levy’s implementation was announced to commence two weeks from Monday, May 6, 2024, impacting commercial, merchant, non-interest, and payment service banks, among others.

According to the circular, the levy will be deducted and remitted by financial institutions at the point of electronic transfer origination, with customers seeing the deduction reflected in their account under the label ‘Cybersecurity Levy’.

In a statement by NANS President Pedro Obi, the union expressed profound concerns regarding the introduction of yet another policy burdening the already struggling populace, especially amid the prevailing economic challenges.

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NANS vehemently opposed the CBN’s directive, denouncing it as an unjust strain on hardworking Nigerians.

“While purportedly aimed at enhancing cybersecurity frameworks, NANS emphasizes that this levy only adds to the financial pressures faced by individuals and businesses across the nation.

“We hereby call for alternative measures to finance this instead of further taxing Nigerians. Given the numerous other charges already imposed on electronic transactions, the cashless policy may be defeated.

“NANS urges the government to reconsider this levy due to its detrimental impact on suffering Nigerian students, businesses, and the general populace, advocating instead for policies that alleviate, rather than exacerbate economic burdens,” the statement concluded.

NANS rejects cybersecurity levy, says it’s added hardship for students