Limit Cybersecurity Fee To Banks, Stakeholders Tell Federal Govt

Stakeholders in the North have asked the federal government to limit the collection of the cybersecurity fee to banks and other financial institutions.

They advised the government to go ahead with its implementation but exempt the ordinary citizens from bearing the burden of payment.

 At a “Roundtable Discussion on Cybersecurity Act” in Kaduna, the stakeholders said they were in support of the implementation of the Act because of its benefits to national security.

The stakeholders however stressed that banks and other financial institutions should bear the burden of the proposed 0.5% levy, rather than passing it on to the citizens who they argued were already facing multiple taxes and levies imposed by banks.

The Northern stakeholders, most of whom were drawn from the civil society, NGOs and academia, were led by the director of Arewa House, Dr Shuaibu Shehu Aliyu, secretary-general of Arewa Consultative Forum (ACF), Alhaji Murtala Aliyu and director-general of Sir Ahmadu Bello Memorial Foundation, Engr. Abubakar Gambo Umar among others.

Reading their communique to newsmen at the end of the meeting, Dr Aliyu who read the communique noted that, the discussion which was organised to review and make inputs on the Cyber Security Act, examined the degree of vulnerability to cybercrimes, the methodology and mechanisms to be applied, as well as the organisations to pay the levy.

Aliyu said, “The participants acknowledged that the Cybersecurity Act is a well-articulated and necessary initiative to address the increasing cybercrimes in Nigeria. The Act is seen as a positive step towards safeguarding the country’s digital infrastructure and protecting its citizens from cyber threats.

“The participants recognized the real and significant danger posed by cybercrimes to the country. They emphasized the need for effective measures to prevent and combat cybercrimes, as they can undermine national security, economic stability, and the privacy of individuals.

“There was a general concern among the participants regarding the usage of funds collected through the proposed 0.5% levy. They stressed the importance of accountability and prudent utilization of the funds to ensure that they are allocated to the appropriate areas, such as strengthening cybersecurity capabilities, enhancing law enforcement efforts, and supporting initiatives aimed at educating the public about cyber threats.

“The participants recognized that citizens already face multiple taxes and levies imposed by banks and other financial institutions. They emphasized the need for these institutions to bear the burden of the proposed 0.5% levy, rather than passing it on to the citizens. This approach would alleviate the financial strain on individuals and ensure that the responsibility is shared by institutions that directly benefit from enhanced cybersecurity measures.”