What the new levy means is if you do 1million naira transfer, the bank will charge you an extra 5,000 naira to be sent to the NSA office for “cybersecurity”.

And if you send 2million, bank will charge you extra 10,000 naira.

If you transfer 1 million naira two times in a week, you will be charged #10,000 for cyber security levy.


It’s crazy at this point.
This is mass financial strangulation. This Lucifer Govt has offered the masses nothing, all it has been doing is to take and take from everyone.

From Emefiele to Cardoso, APC remains the same. Multiple taxation.

For every transaction you initiate, you must pay.

Electronic levy
Stamp duty levy,
Account maintenance levy,
VAT,
cybersecurity levy.
Next?
Next?
Next?

Multiple multiple taxation.

I have never seen any country in the world, whose government imposes multiple taxation on her citizens via banking like Nigeria.

Well, Bad government must consume us all. Both the foolish supporters and the sincere opposers. Dem no dey telly person dat one.

I never see mumu people like Nigeria you guys just swallow anything this government trow on you from buhari to tinubu na mumu una be.

So you can't go to the streets and stop this madness though not my business if you like one day you will pay before you go to bed with your wife.

how much person dey make? People just dey work for government.

We would only complain and pray to God on Sunday to ease our affairs

Next tax please 😂

Now better explained. It means "LEVY THE TRANSFERORS NOT THE TRANSFEREES". IT IS JUST LIKE VAT COLLECTED FROM THE BANKS. THE LEVY SHOULD BE 7.5%-10% NOT 0.5%.

This is crazy....what if I transfer 20k?

Margaret Thatcher perfectly described NIGERIANS

She said if you push Nigerians to the wall, instead of to react they will create a hole in the wall to feel comfortable in

It is 0.005% and not 0.5%. Stop misinforming the public.

The above notwithstanding, I think the law is absolutely unnecessary and insensitive at this point in time. It should be repealed immediately.

seunmsg:
It is 0.005% and not 0.5%. Stop misinforming the public.

It is 0.5%.

Mathematically, 0.005.... it's one and same.

Rexymania:
This is crazy....what if I transfer 20k?

Take out the last two zeros...... It becomes 200 naira, divide by 2.... You are paying 100 naira levy.

fergie001:

It is 0.5%.

Mathematically, 0.005.... it's one and same.

Na, 0.5% and 0.005% can never be the same mathematically.

seunmsg:


Na, 0.5% and 0.005% can never be the same mathematically.

What I mean is 0.5% and 0.005 are mathematically the same.

The levy is 0.5% (or 0.005)

fergie001:
What I mean is 0.5% and 0.005 are mathematically the same.

The levy is 0.5% (or 0.005)

The levy is 0.005 without the act adding %. There is no where in the act where the levy was said to be 0.5%. If the law say 0.005 is the levy, it should not be misinterpreted to mean 0.5%. The only reasonable interpretation is 0.005%.

They have come again
2,000,000 to pay 10k

How much is the profit to be made kwanu.

Statisense and statidiots

seunmsg:


The levy is 0.005 without the act adding %. There is no where in the act where the levy was said to be 0.5%. If the law say 0.005 is the levy, it should not be misinterpreted to mean 0.5%. The only reasonable interpretation is 0.005%.

The image is the CyberCrimes Act 2015 signed by Goodluck Jonathan on Friday May 15, 2015.

This same Act was amended this year by the Akpabio-led Senate and christened CyberCrimes Act 2024. The specific amendment was in Section 44 and subsection 2 states 0.5% (or 0.005).

Section 44(2)a now reads verbatim:
a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second Schedule of the Act, is to be remitted to the National CyberSecurity Fund (CSF) which shall be administered by the Office of the National Security Adviser (ONSA).

Zulu11zulu:
I never see mumu people like Nigeria you guys just swallow anything this government trow on you from buhari to tinubu na mumu una be.

So you can't go to the streets and stop this madness though not my business if you like one day you will pay before you go to bed with your wife.

though, not your business, speaks more of the kind of cowards we have in this country. It's not your business, but you want others to go outside and protest on your behalf why you benefit from it. After all, there are no name exemptions to the people who the charges won't affect. If you transfer such amount, you will still pay it, if it doesn't affect you, it will affect your mum, grand mum, dad, cousin, brother, girlfriend whoever it is.

seunmsg:


The levy is 0.005 without the act adding %. There is no where in the act where the levy was said to be 0.5%. If the law say 0.005 is the levy, it should not be misinterpreted to mean 0.5%. The only reasonable interpretation is 0.005%.

This creates a lacuna that gives room for lots of legal wrangling.

Maybe a clarification from CBN will be in order.

ThierryJay:


This creates a lacuna that gives room for lots of legal wrangling.

Maybe a clarification from CBN will be in order.

No lacuna at all..
It was the interpretation when it was signed by GEJ that halted implementation until the new amendment this year.

fergie001:

The image is the CyberCrimes Act 2015 signed by Goodluck Jonathan on Friday May 15, 2015.

This same Act was amended this year by the Akpabio-led Senate and christened CyberCrimes Act 2024. The specific amendment was in Section 44 and subsection 2 states 0.5% (or 0.005).

Section 44(2)a now reads verbatim:
a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the second Schedule of the Act, is to be remitted to the National CyberSecurity Fund (CSF) which shall be administered by the Office of the National Security Adviser (ONSA).

I think this clarifies it. I am not aware of the amendment. It is a very useless rent seeking law that should be repealed.

fergie001:

No lacuna at all..
It was the interpretation when it was signed by GEJ that halted implementation until the new amendment this year.

So from the letter of the amended Act, is it 0.5% or 0.005%?

Modified: just saw your response to seu.nmsg. Thanks for clarifying.

It's way too excessive though.

seunmsg:


I think this clarifies it. I am not aware of the amendment. It is a very useless rent seeking law that should be repealed.

It was done this year.

My bank manager said it's half of 1% which is 0.5.

ThierryJay:


So from the letter of the amended Act, is it 0.5% or 0.005%?

Modified: just saw your response to seu.nmsg. Thanks for clarifying.

It's way too excessive though.

So is it 0.5 or 0.05

Adupe Lori 0.5% CBN cyber security levy,olorun gba ope wa. Na wetin we Kuku Sabi pass be this.

It dosen't mean much it's just an Avenue to steal.

nedu666:


So is it 0.5 or 0.05

0.5% is same as 0.005.

So all you need for easy calculation is 0.005 × any amount

fergie001:

It is 0.5%.

Mathematically, 0.005.... it's one and same.


Take out the last two zeros...... It becomes 200 naira, divide by 2.... You are paying 100 naira levy.

That's huge, exactly what pos agents are collecting

Life goes on

Wizkid is better than davido, Ronaldois better than messi, Nigeria yoot how fa?

seunmsg:


The levy is 0.005 without the act adding %. There is no where in the act where the levy was said to be 0.5%. If the law say 0.005 is the levy, it should not be misinterpreted to mean 0.5%. The only reasonable interpretation is 0.005%.

You definitely don't even a simple math.. No wonder u dey support apc..
0.005 of anything is the same as saying 0.5% of anything.. Una get sense so??

ThierryJay:


This creates a lacuna that gives room for lots of legal wrangling.

Maybe a clarification from CBN will be in order.

There is no lacuna there.. 0.005 is the same as 0.5%..

0.005 of 1000 is the same as saying 0.005*1000 or 0.5%*1000