NESG to FG: Cybersecurity levy mistimed... should be targeted at rich individuals

The Nigerian Economic Summit Group says the newly introduced cybersecurity levy is “mistimed”, adding that it should be targeted at “high-net-worth individuals”.directed banks and other financial institutions toThe new policy had caused an uproar across the country, forcing theReacting to the development on Thursday, the NESG said the new levy could, economically strain the aggregate demand and limit growth.

The group also said introducing a new levy may be “slightly detrimental to household welfare and increase the disparity between the rural and the urban divide”.private sector-led think-tank said “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.

“To avoid conflict of interests and ensure no policy misalignment, the NESG strongly believes that the levy should be deferred and proper consultation until the fiscal policy committee deems it necessary to implement it,” the group added.In terms of the exemption, NESG also said CBN needs to be proactive in monitoring banks’ implementation to curb citizen exploitation.

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