"Cybersecurity Levy is good for Nigerians": NANS Weighs In, Preaches Patience

"Cybersecurity Levy is good for Nigerians": NANS Weighs In, Preaches Patience

  • The National Association of Nigeria Students (NANS) has weighed into the ongoing debate about whether the FG's newly introduced bank levy should stand
  • NANS argues that the bank charge is not a strange or new introduction but a legally backed development that is supported by the constitution
  • The association then urges Nigerians to be patient and accept the levy as part of the sacrifices needed to propel the nation forward

FCT, Abuja - The National Association Of Nigerian Students (NANS) has made known its stance on the recently introduced cybersecurity levy that has evoked strong opposition from the majority of Nigerians.

The association noted that the Cybersecurity Levy on electronic transfers ordered by the Central Bank of Nigeria (CBN) will help in protecting the nation’s cyberspace.

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NANS/Cybersecurity Levy
NANS backs CBN's Cybersecurity Levy
Source: Twitter

NANS President Comrade Lucky Emonefe, made this known in a statement in Abuja, according to The Nation.

Emonefe said it t has become imperative to provide context by acknowledging that from its findings, the Cybersecurity Levy is not an isolated measure but rather an integral part of the comprehensive Cybercrime (Prohibition, Prevention, etc.) Act, which was enacted into law in 2015 during the tenure of President Goodluck Jonathan.

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He said despite its legislative backing, the full execution of this crucial legislation had been deferred for various reasons until now.

Why Cybersecurity Levy is being implemented now

Emonefe said the decision to implement the act in its totality at this juncture is a well-considered response to the escalating threats evident within Nigerian cyberspace.

"Our digital infrastructure, intricately linked with other critical sectors such as finance, telecommunications vis a vis governance, is under constant threat of cyber attacks," he said.

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“These threats pose significant risks to our national security, economic stability, and the overall privacy of our citizens. We therefore, call on the CBN to engage the public and other stakeholders to provide a better explanation of the genuine intent of the bill. It is important to dispel misconceptions circulating in sections of the media, particularly regarding the notion that the Cybersecurity Levy serves as a revenue generation tool for the Office of the National Security Adviser (ONSA).
”In addition, Section 21 of the Cybercrime Act mandates financial institutions to collaborate with law enforcement agencies in addressing cybercrimes, emphasizing the need for a comprehensive approach to tackle these challenges.
”Recent incidents, such as the exploitation of cryptocurrency platforms like Binance for illicit financial activities amounting to billions, highlight the vulnerability inherent in our cyber domain, posing threats to the integrity of our financial system and eroding public trust in digital transactions. We commend the proactive intervention of the Office of the National Security Adviser (NSA) in mitigating these risks and safeguarding our national interests, underscoring the indispensable role of government agencies in ensuring the resilience of our cyber infrastructure.

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"While acknowledging legitimate concerns regarding the implementation of the Cybersecurity Levy, it is crucial to emphasize that this levy represents just one facet of the Cyber Security Act of 2015 as amended to fortify our cyber domain. The Act encompasses a multitude of provisions aimed at combating cyber threats holistically, including measures to enhance cybersecurity awareness, strengthen law enforcement capabilities, and foster international cooperation in cybercrime investigations” he said

The student leader added that the decision to implement the Cybersecurity Act is a proactive step towards securing our digital future and protecting the interests of all Nigerians.

"As President of NANS and by extension the representation of all Nigerian students, I urge all stakeholders to rally behind these cybersecurity initiatives and collaborate in building a safer, more resilient cyber ecosystem for our nation," he added.

Source: Legit.ng

Ibrahim Sofiyullaha avatar

Ibrahim Sofiyullaha (Editorial Assistant) Editorial Assistant at Legit.ng specialising in covering politics and current affairs news. Email: ibrahim.sofiyullaha@corp.legit.ng

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