In 2023, N600 trillion worth of electronic payment transactions was done in Nigeria which was 55% up from the N387 trillion worth of transactions carried out in 2022 according to the Nigerian Interbank Settlement System (NIBSS).

Going by the trend we know that it is going to be significantly higher this year but if we are to use last year's figure, it means that the government stands to make at least N3 trillion with the new 0.5% levy.

The question arises what is the volume of cyber crime in Nigeria that they need as much as N3 trillion to fight it. Will the money be accounted for since it's going to be office of the National Security Adviser where it will be classified as security vote and not even subject to appropriation.

Or could it just be another grand design to fleece Nigerians under the guise of enhancing cybersecurity because it just doesn't add up. It is the duty of our financial institutions to enhance their cybersecurity capabilities and the CBN to ensure compliance. The office of the NSA has no role to play in this except to give a cover for not giving account of the money collected.

Spot on.

That money is simply a means to legalise Dasukigate and give it a proper conduit since ECA has been depleted.

Imagine $3bn unaccounted for just like that

Na thief full Nigeria.. thunder go tear their nyash.....

Exactly!

How much is being lost to cyber crime that 3 trillion is needed to fight? You cannot spend 3 trillion to prevent a loss of 500 billion.

MrPristine:
In 2023, N600 trillion worth of electronic payment transactions was done in Nigeria which was 55% up from the N387 trillion worth of transactions carried out in 2022 according to the Nigerian Interbank Settlement System (NIBSS).

Going by the trend we know that it is going to be significantly higher this year but if we are to use last year's figure, it means that the government stands to make at least N3 trillion with the new 0.5% levy.

The question arises what is the volume of cyber crime in Nigeria that they need as much as N3 trillion to fight it. Will the money be accounted for since it's going to be office of the National Security Adviser where it will be classified as security vote and not even subject to appropriation.

Or could it just be another grand design to fleece Nigerians under the guise of enhancing cybersecurity because it just doesn't add up. It is the duty of our financial institutions to enhance their cybersecurity capabilities and the CBN to ensure compliance. The office of the NSA has no role to play in this except to give a cover for not giving account of the money collected.