By Mohammed Bello Doka
In 2023, Nigeria witnessed a staggering surge in electronic payment transactions, with a total worth of N600 trillion recorded, marking a significant 55% increase from the previous year's N387 trillion, as reported by the Nigerian Interbank Settlement System (NIBSS).
This exponential growth trajectory indicates the potential for even higher figures in the current year. However, with the introduction of a new 0.5% levy, the government anticipates generating at least N3 trillion in revenue based on last year's transaction volume.
While ostensibly aimed at bolstering cybersecurity measures, questions arise regarding the necessity and transparency of such a substantial levy. Critics ponder the scale of cybercrime in Nigeria, wondering if the proposed funds align with the actual threat level.
Furthermore, concerns are raised over the allocation and oversight of these funds, particularly as they are slated to fall under the jurisdiction of the Office of the National Security Adviser. Given its classification as a security vote, there are apprehensions about accountability and transparency in expenditure.
Critics argue that cybersecurity initiatives should primarily be the responsibility of financial institutions, with regulatory oversight from the Central Bank of Nigeria (CBN). They contend that diverting funds to the Office of the NSA could serve as a smokescreen, circumventing the obligation to provide a detailed account of expenditures.
As the nation grapples with the imperative of fortifying its cybersecurity infrastructure, the debate surrounding the efficacy and integrity of financial measures intensifies, underscoring the need for robust oversight and accountability mechanisms.
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