Nigeria Introduces 0.005% levy on all electronic transactions
Nigeria's apex bank, Central Bank of Nigeria (CBN), introduces a 0.005% levy on all electronic transactions conducted by banks and financial institutions: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 percent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”'
On this one, the apex bank is following the law. If you have issues, go to your Senator and House member. But with that said, this is a sign of panic for the nation. Simply, with a lost N1.7 trillion revenue from the manufacturing companies due to the perturbations of 2023 via floating of Naira and removal of fuel subsidies, the government is below on revenue via taxation. And whenever that happens in a nation, you open the books. Magically, in 2015, there was this fee in a book. "Implement it", is the next command
Nigeria disarmed itself in 2023 with some policies, and today the nation is looking for money here and there. I wish the nation good luck to discover more ways to improve its books.
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