The Nigerian government had planned to impose a cybersecurity tax to ensure that there is dedicated and adequate funding available to address the growing threats of cyber-attacks. The levy was expected to raise about US $1.9 billion annually through a 0.5% levy on domestic electronic transactions.

In the midst of an economy struggling with soaring inflation, there was a huge public outcry and the Nigerian government halted plans to place a tax on domestic transactions that was aimed at enhancing cybersecurity. Following public outcry, President Bola Tinubu blocked the tax.

Cyber Security Experts Association of Nigeria (CSEAN) noted a surge in ransomware attacks in 2023, which the group expects to continue in 2024. Read more about this story on our LinkedIn page