The Coalition of Civil Society Organisations (CSOs) under the umbrella of Civil Society Interactive, has called on the Nigerian government to reinstate the Cyber Security Levy.
The levy, which was previously rescinded by the Central Bank of Nigeria, has sparked considerable debate among financial experts, who have labeled it as “regressive” in light of Nigeria’s soaring inflation and the escalating cost of living.
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Contrary to the financial pundits’ opinions, the CSOs maintained that the cyber security levy is in line with global best practices and it’s a critical step for Nigeria to fortify its defenses against cyber threats.
They believe that the levy’s support will foster an environment conducive to financial operations.
Acknowledging the grim reality that cyber resources have become a lifeline for terrorist financing, the CSOs stress the urgency of cutting off this funding stream to bolster counterterrorism initiatives.
The Cyber Security Levy is seen as a key instrument in shielding financial institutions and their clientele from the perils of cybercrime, including the notorious “Yahoo Boys.”
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The CSOs also point out that adherence to international cybersecurity standards will not only safeguard national security but also elevate Nigeria’s standing on the global stage, thereby attracting foreign investment.
“A secure financial climate is a magnet for investors, and the levy is instrumental in creating such an environment,” the groups said in a joint communique signed by National Coordinator, Abraham Douglas and Secretary Bala Galadima Ikara.
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