Cybersecurity tax runs into storm

The inflationary pressure experienced since the removal of fuel subsidy and floating of the naira meant that any additional tax was bound to elicit anger and apprehension. It may seem disproportionate, but the controversy generated by the 0.005 cybersecurity tax on most electronic transactions directed by theis bound to make lasting impressions beyond the apparent minimality of the levy.

There are some 16 exemptions to the tax, according to the CBN. But despite this, the tax is expected to raise some N2trn for the Office of the National Security Adviser where the effort to combat cybercrimes would be anchored. That figure is huge, which probably accounted for why the law, enacted since 2015, and only now amended and signed in 2024, had been kept in abeyance.

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