"Tinubu Is Over Taxing US" - Nigerians Cry Out Over Recent Cybersecurity Levy On All Bank Customers' Accounts

By Wisdom Nwedene

Mixed reactions have trailed recent Cybersecurity Levy which Nigerian commercial Banks have been ordered to deduct from all their customers.

9News Nigeria reports that the cybersecurity levy on all electronic transactions will start May 20, 2024, six years after it first issued the directive.

The deductions were to be remitted to the National Security Fund, which is being administered by the Office of the National Security Adviser (ONSA).

The deductions were to be effected on all electronic transactions consummated through commercial banks, merchant banks, non-interest banks, payment system banks, Other Financial Institutions (OFIs) mobile money operators and payment service providers. Failure to comply and remit within the stipulated timeframe will lead to a penalty of two per cent of the annual turnover of the institution.

On June 25, 2018, the apex bank had released guidelines for the collection of a 0.005 per cent levy on electronic transactions for the National Cybersecurity Fund, directing that the levy will take effect from 1st of July 2018. The directive however did not take off.

Consequently, in a circular dated May 6, 2024 and jointly signed by the CBN director of payments systems management, Chibuzor Efobi and Director, Financial Policy and Regulation, Haruna Mustafa, the CBN directed that banks in the country begin the deductions for onward remittance.

Speaking with 9News Nigeria correspondents, many Nigerians said Tinubu’s government is bent on over taxing Nigerians.


Mr Nnaemeka Ani described Tinubu’s government as a disaster. According to him, "Nothing is working in the country. The only thing they know is how to impoverished the masses."


A Nigerian Lawyer who spoke with 9News Nigeria correspondent, Mr Festus Oguche said which one is cyber security levy? Will it provides security against bandits,Boko Haram and kidnappers?.

A trader at popular International Market in Ebonyi State wondered why Tinubu’s government is over taxing people that are underpaid.

He said "You keep burdening people who are already over taxed, underpaid, underfed and barely surviving undecided."


Meanwhile, for the past nine months, Nigerians have been lamenting over the economic hardship in the country.


Source : https://9newsng.com/tinubu-is-over-taxing-us-nigerians-cry-out-over-recent-cybersecurity-levy-on-all-bank-customers-accounts/

Transfer of money doesnt always signify spending. It can be contribution or gifting or extortion or even loss. But Tinubu thinks it is cool to get a cut anytime people move money electronically.

This is a crucial time govt should be focused on planting season inputs to secure good harvest. Our economy is 50% crude oil money, 50% agricultural value addition.
Instead they are chasing what they printed then wasted.

Cybersecurity levy on all electronic transactions will start May 20, 2024, six years after it first issued the directive.

About to implement after 6 years of the first issued directive

Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat no time for the confusionists

A

helinues:
Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

U are mad

I'd you think over taxation is the way out at this point I repeat you are raving mad

A tax master is only doing his job , that's the only economics he understands...

Tinubu is like Jeroboam in the bible.

He will still stifle and strangle Una necks...

No wonder they are fighting FinTech banks

helinues:
Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Bruh, I thought changing your monicker would have brightened you up!

helinues:
Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

They should tax the air we breathe.

Una babablu is unlimited.

helinues:
Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Shut up Helinues.

Must you support every evil policy? Jesus Christ.

Pay stamp duty, pay account maintenance, pay cybersecurity levy, pay VAT.

All ontop my money o. And this is what you have to say? Are you guys this heartless?

Jokerman:


Bruh, I thought changing your monicker would have brightened you up!

The dude is so dumb. Jezs

helinues:
Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat not time for the confusionists

Always defending rubbish

Always anti people

helinues:
Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat not time for the confusionists

You are irredeemable

helinues:


About to implement after 6 years of the first issued directive

Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat no time for the confusionists

Is there any limit to the rubbish you defend

Don't you have a life?

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.

It’s crazy at this point.
This is mass financial strangulation.

Cindypresh:


Is there any limit to the rubbish you defend

Don't you have a life?

You deserved curing as you are a bit notorious in attacking my comments unnecessarily . Below quote should make you rest

Cybersecurity levy on all electronic transactions will start May 20, 2024, six years after it first issued the directive.

There is telecoms tax that is also being reviewed to come to effect soon.

They just want to kill the country.

helinues:


You deserved curing as you are a bit notorious in attacking my comments unnecessarily . Below quote should make you rest

That's the modus operandi of APC.

Tax and tax the masses.

I thought you were going to blame the PDP.

Listen to me Helinus, even if the government is paying you to defend everything on Nairaland, don't you think displaying stupidity should have extra cost? Because you are fast losing it.

Tinubu is trying to tax the country to riches . It’s just like someone trying to buy what he sells and hopes to get rich by it. This is the most clueless government in Nigeria history .

Are u sure u are well at all?

I look at u as someone who has no conscience honestly.

U lack everything that a sensible person should have...pity!

helinues:


About to implement after 6 years of the first issued directive

Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat no time for the confusionists

helinues:


Mynd44
Seun
Nlfpmod
Mukina
Fergie001

Rule 2

shut up what did he say you never said to other people.

helinues:


About to implement after 6 years of the first issued directive

Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat no time for the confusionists

U even get reach 5k for account

Useless fool

Now we know the reasons the Useless CBN dey fight Fintechs like Opay

They are wondering how those ones no dey inflict pains on their customers

Now they want their pain to be everywhere like MTN😂

Useless government and supporters

helinues:


About to implement after 6 years of the first issued directive

Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat no time for the confusionists

Another psychiatrist patient on the lose this morning.

Like wtf is wrong with you guy? Like the other dude that quoted you earlier, " you need an urgent psychiatric evaluation"

Tinubu is over taxing us. How was UK built? How is UK able to maintain their country? Shebi una wan japa? Una think say na free everything der 'your kay'?

helinues:


About to implement after 6 years of the first issued directive

Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat no time for the confusionists

lol. do you even understand what you are defending ?

Shouldn't come as a surprise, Tinubu is a Tax man, his policy has always been to collect levy and tolls from people. What the money is used for is a story for another day.

You people must pay tax because government can't run on spit

helinues:


About to implement after 6 years of the first issued directive

Here we go

If you don't want government to be borrowing unnecessarily, where then do you expect them to get the money to do their planned projects if not through taxation.

Abeg make we no dey confused oo

Ain't gat no time for the confusionists

I wish God sent you to India as a woman.