By Seyi Babalola
The Central Bank of Nigeria will raise N50 billion by the end of 2024 through a 0.005 percent cybersecurity fee on electronic transactions.
Vincent Nwani, Head of Research at FMDQ Group Plc, disclosed in a statement.
His comments come as the CBN’s latest document, Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, confirms the cybersecurity levy’s implementation.
Reacting to the development, Nwani said, “The CBN is expected to raise N50bn from the cybersecurity levy by 2024.”
Data from the Nigeria Inter-Bank Settlement System revealed that electronic payments totaled N987 trillion between 2022 and 2023.
Applying the 0.005% levy to this amount yields an expected revenue of almost N49.35 billion.
“For instance, we saw a remarkable 55 percent surge in the total electronic payments, from N387 trillion in 2022 to N600tn in 2023 and the 2024 figure is projected at N999.9tn.
“At 0.005 percent cyber security fees, the Nigerian government will earn N19.5 billion for 2022, N30bn for 2023; 2024 will be equivalent to N50bn [projected figure] from its citizens,” Nwani stated.
