The Nigerian Economic Summit Group, NESG, has faulted the timing of the implementation of the 0.5% cybersecurity levy on electronic transactions recently announced by the Central Bank of Nigeria, CBN.
In a statement on Thursday, Group asked the Federal Government to reconsider the levy as Nigerians are currently groaning under multiple taxation and inflationary pressures.
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In a circular dated May 6 to all deposit money banks and mobile money operators and payment service providers, the CBN directed the deduction of the levy to be remitted to the National Cybersecurity Fund, NCF, administered by the Office of the National Security Adviser.
The NESG also raised concerns that the policy was introduced at a time when the Presidential Committee on Fiscal Policy and Tax Reforms has not finalised its mandate.
