TECH
NESG seeks reconsideration of Cybersecurity Levy

The Nigerian Economic Summit Group (NESG) has urged the Central Bank of Nigeria (CBN) to reconsider its recent imposition of a cybersecurity levy on all electronic transactions.
Highlighting potential adverse effects, the NESG emphasized that the levy might exacerbate economic challenges faced by households, particularly amid employment uncertainties and income disparities.
The group expressed concerns that the levy, set at 0.5 per cent (equivalent to 0.005), could impede progress toward financial inclusion.
They suggested alternative policy strategies such as increased capital spending and government transfers to mitigate the impact on economic actors.
NESG cautioned that levies could strain aggregate demand and limit economic growth, potentially leading to a decline in Gross Domestic Product (GDP).
While acknowledging the intention to combat cybercrimes and boost government revenue, the group emphasized the importance of achieving higher revenue without disproportionately burdening poor and vulnerable Nigerians.
NESG warned that the policy might inadvertently create loopholes for cybercriminals to exploit alternative routes for illicit activities. Instead, they advocated for an integrated approach involving collaboration among financial institutions, security agencies, the EFCC, and other stakeholders to effectively combat cybercrimes.
The CBN, had on Monday, issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, indicating that the cybersecurity levy would take effect two weeks from the release of the circular.
Discover more from Naijanewstoday
Subscribe to get the latest posts sent to your email.
-
POLITICS5 days ago
C-Sagas UK Chapter Meets Founder in London, Reaffirms Humanitarian Vision
-
TECH7 days ago
OpenAI CEO Sam Altman Warns ChatGPT Conversations Aren’t Legally Confidential
-
NEWS5 days ago
Ikwo Noyo Clan Releases Official Timetable for 2025 Nnesweoha Festival
-
ENTERTAINMENT4 days ago
VeryDarkMan Breaks Down in Tears as He Announces Death of Popular Fish Seller
-
NEWS5 days ago
Nigerian Youth Advocate Calls Out Facebook’s Monetisation Policies
-
CAMPUS REPORTS7 days ago
VC Inaugurates Two New Residential Flats Built by AE-FUNAI Parents’ Forum
-
CAMPUS REPORTS5 days ago
Experts Urge Responsible AI And Data Use at AE-FUNAI Law Conference
-
POLITICS4 days ago
2027 Elections: We’re the Only Viable Alternative to APC, PDP Slams ADC
-
CAMPUS REPORTS6 days ago
AE-FUNAI Hosts ACSPN, Highlights Role of Artificial Intelligence in Media and Security
-
SPORTS7 days ago
Asisat Oshoala Shuts Down Retirement Rumors After WAFCON Triumph
-
NEWS6 days ago
David Umahi’s Daughter Kimberly Graduates With First Class
-
SPORTS4 days ago
Morocco Challenges Referee Call After Super Falcons’ WAFCON Triumph