According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; the cybersecurity would commence two weeks from May 6, 2024.
The apex bank, in the circular, directed to all commercial, merchant, non-interest, and payment service banks, among others; to start the implementation of the cybersecurity charges after two weeks of the information.
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular partly read.
However, the CBN listed 16 banking transactions exempted from the new cybersecurity levy.
The exempted transactions are listed below:
1. Loan disbursements and repayments
2. Salary payments
3. Intra-account transfers within the same bank or between different banks for the same customer
4. Intra-bank transfers between customers of the same bank
5. Other Financial Institutions instructions to their correspondent banks
6. Interbank placements,
7. Banks’ transfers to CBN and vice-versa
8. Inter-branch transfers within a bank
9. Cheque clearing and settlements
10. Letters of Credits
11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers
13. Government Social Welfare Programmes transactions e.g. Pension payments
14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
So what does this cyber security levy do? If they fraudulently take ur money from ur account, will they return it to u without drama?
ReplyDeleteYou people should keep defending all these policies aimed at still impoverishing the already impoverished citizens. There’s no sane country I know that collects this levy and even at that, they return ur money once u are defrauded.
No wahala. Na here we dey. Fuel price, through the roof, transportation costs , through the roof, electricity bill, through the roof, food, totally not affordable. Yet they are still bringing up policies to take ur money from u, no matter how little.
Nigeria government, leave Nigerians alone! Leave us alone!
all are still measures to steal money from us and nothing anyone will tell me.
DeleteIt is a pity that Nigerians will be forced to pay for ineptitudes and inefficiencies of our leaders
DeleteYou are one of the biggest beneficiaries of Nigeria. A country that bankrupted itself to give you an education and subsidise the lived of hundreds of millions in the lower socioeconomic strata has to raise funds just like the country you currently reside in had to develop a tax structure starting from centuries ago and now expanding into the same cybersecurity space. In many countries in Europe, even owning a TV will get you additional tax. You cannot compare the results of taxing a minority for hundreds of millions to benefit in Nigeria to taxing a majority to distribute amongst about 10 million people.
DeleteThe Nigerians that were afforded wings to thrive by the state are the worst when it comes to a mentality of entitlement and vendetta. With parents giving birth and expecting the government to finance and subsidise the rewards of their own sexual activities then telling the same children that Nigeria is only bad and not instilling in them any sense of responsibility to their major source, it is unfortunate.
The same government is laying fibre optic cables, undergoing digital ID drives that needs round the clock maintenance and improvement, running a federal satellite agency, piloting digital welfare programmes. The funds must come from somewhere. Have a culture of self responsibility and not just chronic complaining no matter where we now reside.
Did u see how they carefully avoided mentioning what this levy actually does for u?
ReplyDeleteways to steal more money.
DeleteOk. If I talk now they will gather under my comment.
ReplyDeleteBTW how far the salary 25% percent salary increase? The backlog from January that will be paid in bulk, who has recieved it???
You are deviating this post with your question
Delete🤣🤣🤣🤣🤣🤣 don’t mind them
DeleteWhere u work do they pay salary by 8th of the month? He made the declaration on May 1st, worker’s day, and you are asking by today. Salaries and arrears of salaries are paid at the END OF THE MONTH!! Oh well, it’s obvious you don’t work cos even if you worked in a private firm you would know this.
Delete11:24, that's not what you people said that day sha.
DeleteThe exceptions are nonsense..
ReplyDeleteThe point still remains that if I transfer money to a other person, or another person transfers money to me, the levy would apply..
So what is the essence of these whole nonsense exceptions?
Normal level, as that was his only campaign promise:
"Let's widen the tax net,. Reduced the purchasing power and slow down the economy".
This government go use tax finish the country, just as he did/are doing in Lagos.. I screamed it back then but they didn't listen,. He and the people he's surrounded with are not creative, neither do they have foresight.. they can't create wealth, they are not strategic in moving the country from consumption to production, which is the only way the naira can get stronger, they cannot create jobs or make life easier for the people,. All they know is tax tax tax..
Thank God I'm better off than most of the people that supported and are supporting base on tribal and religious affiliation..
May Abba Amma continue to help me as he has been doing, I no go bother my head argue with anyone,. I go dey my own jeje dey cash out and ball lie key.. Amun🙏
This is the reason most Nigerians living abroad love to bring money back home because there are no taxes to pay...dem don nearly kill us with tax for abroad here...there is tax on everything, if you go to Restaurant to eat you pay tax!.
DeleteI guess its getting to Nigeria now........Nothing is free
I guess the reason i may not see anything wrong with this is that i am used to being heavily taxed for nonsense and you cannot or dare not talk or complain cos its normal....
if you use atm that does not belong to your bank eh, you pay heavily for the service....
Let me just state it here that una dey enjoy for Nigeria....
I am sorry if i sound as if i dont care oh, I do but we don see 99
Stella, ever been paying. Transactions has never been free. There is stamp duty on any transaction above #10000
DeleteAtm maintenance and other monthly deductions.
Atleast you get to see what the tax you pay is being used for, can we say the same for Nigeria?
Lol..
DeleteBig Stellz,.
We are charged in restaurants here too.. it's written on the receipt of pay.. you go see am clearly..
2ndly, if they are using the money for something for us, like it's being done overseas, we won't be complaining..
Food expensive
School fees expensive
Fuel expensive and there's even scarcity
Light expensive, and you no go even see the light
Data cost,. Even the 5g network na still zero
Bad road
Bad health care bad everything..
Everyday we'll hear allegations of stolen funds, which is what they do with all the tax and levies
Dante thanks for arguing respectfully....
DeleteI am saying all these are new to me cos we pay tax here for so much,i understand all your points....Hard now but i know it will be better in Naija..
At least una fit complain, you cant do that here the way it is easily done on the Internet in Naija ..
Make i enter other posts...see you around.
I happily pay tax here in America because even as an immigrant, I benefit heavily from it. My pain is someone will use all these tax money to enrich themselves and nothing will be done to benefit the tax payers.
DeleteIf we are tax and get value for our money, then it ok. But those taxes are actually going into some wicked people pocket leaving us naked. Taxes here and there and no water, no light, no road, in fact no amenities. God help my country. I no trust those government people.
DeleteOne of the things that drove me to leave Nigeria was the tax. I was paying 7 digits in tax and would get angry everytime I'm heading home and see traffic at the Lekki toll. How do you collect upfront payment for toll pass but can't ensure the road is decongested quickly? Why should I pay so much in tax and still have to generate my own electricity, water, security etc?
DeleteI now live in a country where I still pay high tax but I don't mind one bit because I can see what the tax is being used for. I don't even utilize all the available perks. I feel very sorry for people still there especially in Lagos.
It seems i am not understanding this ?.... I am not affected by these levies and neither is anyone i know....so the question we should be asking is.. who is the cybersecurity levy for....
ReplyDeleteplease understand it well before you start arguing oh...
Lol..
DeleteYou are..
Maybe you don't understand..
Unless you're only sending money to people using the same bank as you or you are only sending money to your accounts in other banks..
Even the fact that the people who send you money would be affected, that already affects you, because if your 'boyfrend' want to send you 1 million for soup from Netherlands, the fact that he'll be charged another 50k extra might make him change his mind
This is exactly how it is in Europe and we are used to it already and it doesnt stop us from doing the transactions at all...One gets used to this.....After covid most economies are going through a lot but the govt did not make things easy...I may not be having these problems but i know Nigerians living here going thru shege becos of taxes here, they are massive....u pay tax on everything!
DeleteSometimes i get upset, especially when i see some certain things not right that our taxes are being used for................Wo, abeg i tire!!!
Please what is the minimum wage in europe? If I am not wrong the minimum wage in europe monthly will pay your monthly rent,electricity bill,Internet subscription, water bill,health insurance and money for groceries for the month. Those comparing and saying its the same thing in europe can the minimum wage in Nigeria cover transport fare in a month? Let's call a spade a spade it can't work in Nigeria. Let's not defend what can never be defended.
DeleteLol… there is this common thing with everyone whether home or abroad who supports this evil government.
DeleteMy own is that these heavy taxes should start with the rich in Nigeria, not the people collecting/earning 10-10kobo, once they've done that for like 2-3 years and effectively shown workings of where the taxes are going, the lower earners will be less reluctant to part away with more money in the form of taxes as they know the taxes will work for them.
DeleteI agree that the tax system here is crazy, and Nigerians do not pay anything near what people in developed countries pay for taxes but Nigeria isn't there yet and they should do this thing with sense.
Honestly, Naija minimum can't even cover transportation for 3 weeks let alone 1 months or feeding. Now you see people stealing bread, food, etc.
DeleteThe cybersecurity levy will still end up in few persons ' pockets.
A lot of people in Nigeria don't pay tax. Why not extend the tax collection instead of taxing those that are already being taxed into poverty? The money being collected from market women, bus drivers, etc by non govt personnel should be collected by govt instead of letting agberos collect it as as compensation for election runs.
DeleteNigerians better brace up!!
ReplyDeleteAs if we are not already going through too much, they are still looking for avenues to rip us off.
What do you all expect anyway?
Sluttychic.
I think the government has a lot to do in explaining things better to Nigerians before embarking on them. Tell Nigerians the purpose and benefits of this levy. I believe if the initiative is okay, Nigerians won't fault it or criticize it. But when you do things authoritatively without showing how the end result will be, then I think that's where the problems lies.
ReplyDelete© TEEJAY
Even if the intention is good, this is the worst time to be imposing further levies on Nigerians that are already maxed out already. It’s shameful, honestly!
DeleteStella with all due respect you are a .....
ReplyDeleteI hope APC supporters are exempted. Lmao.
ReplyDeleteSluttychic.
What does this cybersecurity levy do? What is the aim of this levy?? In Sweden here tax is where government gets money to keep the economy running. I pay 33% of my salary as tax I see what the tax is used for. Schooling free from primary school to PHD levels. Free medicals and free meals in Schools. When I stay home to care for my sick child I get paid if I am sick i get paid. So i ask again what does this levy do???😓
ReplyDeleteSweden and Norway is different from other western European countries in that they have the largest trust fund. But the amount of tax paid in western countries can not be compare to what goes on in Nigeria. Road tax for your car, Mot, insurance, council taxes and if you dies 40% inheritance tax on your property and the money you left behind. How many people can afford to have three cars in abroad where you live? They can't because the taxes and insurance are too much. Then someone is talking about minimum wage. The minimum wage in UK at the moment is £11 an hour. And to be honest a lot of people are struggling here than ever before, because house rents has gone through the roof. A room in London is around £670 per month depending on the areas. And with your overtime, after tax if you earned £1200 . How much do you have left. Travel card for a month is upto £150 depending on which zones you travel to. The list is endless. It is only those who have not really live in the west that would not know that the greener pasture does not apply to everyone and even if it does you have to pay. But the problem we have in Nigeria is not only the government but the people as well. Almost everyone is corrupt in our country if the truth needs to be told. We are just good at criticism, put us in office and workplace we mess it up. That's our stock in trade in almost every office you visit in Nigeria. Until we change as a people we will continue to suffer from ineptitude.
DeleteThose of you trying to derail this post with your comments should go to another post.....
ReplyDeleteThe thing who insulted me that i deleted your comment, e pele oh, i will continue deleting...
To hold intelligent conversations is a problem for some...what happened to your brain? why must you insult? gosh!!!
Stella they tax you people pay in the abroad is used for good cause so please don't compare it. That's like comparing Enyimba and Man city
DeleteAll these ones na just turachi....One way or another.....Dem go deduct these charges from every transaction....Nigeria is a country of anything goes....2nd base abeg
ReplyDeleteWalahi, na just turenchi!
DeleteEnjoyed reading the comments 😊
ReplyDeleteYh, me too. Such sensible and educative comments. Except for one that really sounded ignorant and arrogant.
DeleteIt's well
ReplyDeleteI pray for a better Nigeria
Na wa! They want to finish us with tax in this country. We are already battling with the deduction from banks, now this.
ReplyDeleteSo does it mean that the other bank deductions like the Telco I receive everyday willl stop?
You will benefit from the cybersurity levy?🤔🤔 Ajuju n'ese okwu.
I don't even understand shit about this so I don't know if I should oppose or not, abi who will explain what is happening to me now .
ReplyDeleteYou'll never understand it. Mama agbado, always supporting what is making you suffer because the perpetrator is from your tribe
DeleteIt is pure exploitation to charge cyber security levy. Banks that are declaring billions of profit after tax after collecting sms charges, transfer charges, ATM maintenance fee, stamp duty ,VAT, etc. Who is going to benefit from this? This is a "Pharaohic" policy designed to inflict more pains on the masses.
ReplyDeleteThe transaction fee deduction is now for what? Is the security of their systems and networks not supposed to be part of their cost of doing business? With the orange bank, I get charged a flat fee for each transaction, the receiver is also charged. Now they want a percentage of the amount I send in addition to the existing fees. Nawa
Delete