The recent directive by the Central Bank of Nigeria (CBN) to implement a cybersecurity levy on electronic transactions has brought about mixed reactions from netizens across the country. While some have welcomed the move as a step towards strengthening Nigeria’s cybersecurity infrastructure, others have expressed concerns about the transparency and effectiveness of the levy.
Reno Omokri, a former presidential aide, highlighted some benefits of the levy, stating that it would help secure Nigeria’s porous cybersecurity architecture. He pointed out that the levy could prevent incidents like the reported siphoning of $25 billion out of the country by Binance in one year. Omokri argued that a stable naira and maintaining purchasing power for Nigerians are more profitable than resisting the policy.
The Cybersecurity Levy is For Your Own Good
This Cybersecurity Levy is not a policy or regulation of the Tinubu administration. Those bandying that claim are either ignorant or dishonest. This is a policy that has existed since 2015. Like many things in the Buhari…
— Reno Omokri (@renoomokri) May 7, 2024
Chris Uwaje, Chairman of Mobile Software Nigeria, expressed optimism about the levy, stating that it could lead to increased investment in cybersecurity infrastructure and talent development. He believes that the levy will enhance protection for mobile users against cyber threats and serve as a potential revenue stream for the government to support cybersecurity initiatives.
Ben Allen, CEO of Allen Forensics Inc., a US-based cyber risk firm, endorsed the levy, describing it as a necessary step toward strengthening Nigeria’s national cybersecurity infrastructure. He emphasized the importance of investing in cybersecurity to safeguard against cyber threats.
However, some netizens have raised concerns about the implementation and management of the levy. Jide Awe, a Science, Technology and Innovation (STI) Policy Advisor quoted in a statement, emphasized the need for transparent management and utilization of the levied funds. He called for regular evaluations to ensure that the levy strengthens cybersecurity and serves its intended purpose. Awe also highlighted the importance of meaningful stakeholder participation and contribution in the process.
As discussions around the cybersecurity levy continue, it is evident that there are diverse opinions among netizens regarding its implementation and effectiveness. While some view it as a necessary step to bolster Nigeria’s cybersecurity infrastructure, others are calling for transparency and accountability in its management.