According to him, the levy is aimed explicitly at financial institutions and telecom companies, the most vulnerable sectors to financial crimes and cyber fraud, to enhance cybersecurity measures and national security in the country.
In a statement, Buba who sponsored the amendment bill noted that the relevant section of the Cybercrime Act is very clear about the businesses that are required to pay the levy, not the citizens.
Buba who clearly explained the amount payable as a cybersecurity levy, said, it is either zero point zero zero five or zero point five per cent arithmetically.
The figure in the principal act was zero point zero zero five as a fraction, which was converted to the percentage that became zero point five per cent in the amendment.
The Senator also reiterated that the passage of the amendment bill was a collaborative effort of various stakeholders, government, industry players, civil societies among others.
The Senator who acknowledged the concerns of Nigerians, civil groups, and other stakeholders, reassured that implementing the cybersecurity law is not meant to punish citizens.
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