NANS: Cybersecurity levy will protect Nigeria’s cyberspace

The National Association Of Nigerian Students (NANS) has said the recent implementation of the Cybersecurity Levy on electronic transfers, as mandated by the Central Bank of Nigeria (CBN), will help in protecting the nation’s cyberspace.

NANS President, Comrade Lucky Emonefe in a statement issued in Abuja said it 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.

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

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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.

“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.

He 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.