NESG speaks on cybersecurity levy amid cost of living crisis

  • 📰 PremiumTimesng
  • ⏱ Reading Time:
  • 73 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 33%
  • Publisher: 78%

Technology Technology Headlines News

Technology Technology Latest News,Technology Technology Headlines

Amidst the cost of living crisis exacerbated by rising inflation, the cybersecurity levy is mistimed

INVESTIGATION: TETFund’s N3.8 billion training contract triggers procurement controversy, concernsINVESTIGATION: How Nigerian soldiers killed unarmed civilians in Kaduna community

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.

At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in TECHNOLOGY

Technology Technology Latest News, Technology Technology Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

NESG Faults Timing Of Cybersecurity Levy, Says Nigerians Battling High Food PricesThe Latest News from Nigeria and Around the World
Source: channelstv - 🏆 7. / 63 Read more »