Credit: THE PUNCH 

Computer science scholars, including Director of Information and Communication Technology at Lagos State University, Prof. Toyin Enikuomehin, and Prof. Olumide Obe of the Federal University of Technology Akure, Computer Science Department, cautioned that the introduction of a cybersecurity levy will have significant implications for education costs in Nigeria.

The Central Bank of Nigeria issued a directive on May 6 instructing deposit money banks to implement a 0.5 percent cybersecurity levy on electronic transactions, following the Cybercrime Act 2024 as amended.

However, President Bola Tinubu has reportedly ordered a review of the policy following concerns.

Enikuomehin in an interview with The PUNCH expressed concern that the levy could lead to higher school fees, placing additional financial strain on parents who were already struggling.

He noted that educational institutions may pass on the levy’s costs to parents, potentially forcing some families to withdraw their children from school or seek more affordable alternatives.

“Parents who are already struggling to pay high school fees may face additional financial strain due to the cybersecurity levy. This can lead to difficulties in paying fees on time or even force some parents to withdraw their children from school.

“Educational institutions might pass on the cost of the cyber security levy to parents through increased school fees, exacerbating the financial burden on families.