The Socio-Economic Rights and Accountability Project has given the Federal Government 48 hours to withdraw the 0.5% ‘cybersecurity levy’ imposed on Nigerians.

This is contained in a statement on its official X handle on Tuesday.

SERAP threatened to drag the Federal Government to court if the “grossly unlawful” directive by the Central Bank of Nigeria is not withdrawn.

The statement reads, “The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% ‘cybersecurity levy’ on Nigerians. We’ll see in court if the directive is not withdrawn within 48 hours.’’

It will be recalled that the Central Bank of Nigeria, CBN, had in a circular on Monday, directed banks to levy a 0.5 per cent cybersecurity charge on electronic transactions effective May 20, 2024.

The CBN clarified that the levy would be separately “reflected in the customer’s account” as “Cybersecurity Levy” and “applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.

”Similarly, Nigerian comedian, Oluwaseyitan Aletile, also known as Seyi Law, has fumed over the 0.5 per cent cybersecurity levy recently introduced by the Central Bank of Nigeria, CBN.

It was reported that the apex bank on Monday directed banks operating in the country to start charging a cybersecurity levy on transactions.

Reacting, Seyi Law said the new CBN policy was “unacceptable”.

He urged the apex bank to revisit the policy.

Tagging President Bola Tinubu, the comedian asked the President to allow the masses “breathe,” querying when the new minimum wage would be announced and implemented.

He said some ministers are not doing their jobs well, stressing that one year into the administration and there is nothing much on ground.

On his X handle, Seyi Law 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? Central Bank should 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.”