Cybersecurity levy mistimed, should be targeted at the rich, not the poor – NESG

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The National Economic Summit Group (NESG) has raised concerns about the timing of the cybersecurity levy directive issued by the Central Bank of Nigeria (CBN), emphasizing that it should target the wealthy rather than the vulnerable. In a statement released on Thursday, the NESG highlighted the levy’s potential to exacerbate the cost of living crisis, particularly affecting low-income households already struggling with rising inflation.

The economic group argued that the levy would further strain households facing squeezed disposable incomes due to persistent inflationary pressures. NESG suggested that the levy should instead be aimed at high-net-worth individuals, with a portion transferred electronically to alleviate concerns among the populace.

NESG noted that the cybersecurity levy comes amidst ongoing economic challenges, including the removal of petrol and electricity subsidies, which have escalated living costs for Nigerians. The group warned that adding another levy would worsen the purchasing power and welfare of both corporations and individuals, further burdening them amidst existing economic strains.

Source: Business Day

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