NESG speaks on cybersecurity levy amid cost of living crisis

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The Nigerian Economic Summit Group on Thursday expressed concerns about the timing of the recently introduced 0.5 per cent cybersecurity levy on electronic transactions by the Central Bank of Nigeria . issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, announcing the cybersecurity levy.

“The NESG posits that the levy should be targeted at high-net-worth individuals and a specific amount transferred electronically to allay the fears of the populace, who are still battling skyrocketing food and non-food prices. However, if this policy remains, several Nigerians will boycott electronic funds transfers, which does not even bode well for the government due to revenue loss from electronic transfer levy.

Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership. To prevent conflicts of interest and ensure policy coherence, NESG advised the government to delay the levy and conduct thorough consultations until the Fiscal Policy Committee deems it appropriate to implement it.

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