The Nigerian Economic Summit Group has urged the federal government to reconsider the policy on cybersecurity levy due to potential negative consequences for the economy and the welfare of Nigerians.
Beyond the immediate financial impact, the NESG questioned the timing of the policy. They pointed out that, “this policy is coming when the Presidential Committee on Fiscal Policy and Tax Reforms is yet to finalise its mandate.” The NESG also acknowledged the CBN’s stated goal of fighting cybercrime but expressed reservations about the levy’s effectiveness.
Furthermore, the NESG noted the potential for “citizen exploitation” by banks despite the proposed exemptions. The NESG was particularly concerned about the potential negative impact on the government’s financial inclusion goals.