New CBN Policy: This Is Too Much Punishment For Nigerians – Seyi Law To Tinubu

“This Is Too Much Punishment For Nigerians’ – Seyi Law Tackles Tinubu Over New CBN Policy

Nigerian comedian, Seyi Law, has called out President Bola Tinubu, over the new cybersecurity levy directive issued by the Central Bank of Nigeria (CBN). Naija News reported that CBN had issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

This move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024.
The directive, detailed in a circular, instructs that the levy be applied at the point of electronic transfer origination, with the deducted amount to be reflected in the customer’s account as a “Cybersecurity Levy.”

In a post via his X handle, Seyi Law described the “Cybersecurity Levy” as punishment for Nigerians, stressing that the policy might discourage banking transactions. The comedian also questioned Tinubu about implementing the minimum wage and when he would change ‘non-performing’ ministers in his cabinet.

He wrote, “I hate when government agencies don’t speak up to the understanding of the citizens and allow wrong narratives to fester before tackling it. Cybersecurity level, according to the act, is 0.005%, and different figures from 0.5% to 3% are being thrown around. A 0.5% charge in the Nigeria of today is in itself too much punishment on Nigerians. Are we trying to discourage banking transactions again and encourage cash keeping? @cenbankshould revisit this abeg.

“Stamp duty is something, and now this. It is unacceptable. @NGRPresident @officialABAT, let the poor breathe. When will the new minimum wage be announced and implemented? Some of your ministers need to look for another job. One year is here and we are counting. Whether it 0.005 or 0.5%, this is not the time to implement it. Simple. I apologise for the misinterpretation.

“Why do some id#ots think that because you support a person, you must therefore accept all his policies? Yes, the cybersecurity level is from ammended act, I presume, but I don’t think this is the time for the implementation. If there is anything that should be paramount to the government, it should be the new minimum wage.

“Some of you are crying, una never see anything. My brother, na your papa and mama dey collect minimum wage. E no reach where I dey. The truth is the supporters of Mr. President are better Nigerians because we criticise when it is needed.”