Cybersecurity levy adds burden on businesses, unjustifiable — LCCI

The Lagos Chamber of Commerce and Industry has said that the directive by the Central Bank of Nigeria imposing a 0.5% cyber security levy on Nigerians will pose additional burdens on businesses and individuals, adding that the implementation of the levy is difficult to justify.Dr Chinyere Almona, who stated this in a statement made available to vanguard yesterday, urged the government to reconsider the implementation of the directive and amend the enabling law.

“Unfortunately, the upward review of the electricity tariff has not brought about a commensurate boost in power supply to justify the additional costs to individuals and businesses. We urge the government to reconsider the implementation of this directive as its timing is wrong, and the justification is unclear. This directive should be withdrawn while we call for more consultations with critical stakeholders.

“We believe that since the collection of this levy cannot guarantee the protection of payers from cyber-attacks, it is difficult to justify its collection at this time. In the same vein, the collection approach with some exemptions can create confusion regarding what transactions really qualify for the exemptions. Implementing this directive can gradually encourage some people to return to holding cash to avoid paying the levy.

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