Internet Group Warns of Negative Impact of Cybersecurity Levy on Economy
The Federal Government’s proposal of a 0.5% cybersecurity levy continues to face backlash despite reports of its withdrawal. Senate Chief Whip Ali Ndume commended President Bola Tinubu for suspending the levy, acknowledging the importance of addressing cybercrime while ensuring citizens’ security and welfare.
Organizations like SERAP, BudgIT, and concerned Nigerians have taken legal action against the Central Bank of Nigeria for its directive to deduct the levy from customers’ accounts. The contentious levy, aimed at financial institutions and telecom companies, has sparked debates on its legality and impact on businesses and consumers.
The Nigeria Internet Group (NIG) expressed concerns over the levy’s economic implications, urging the CBN to explore alternative cybersecurity measures. Meanwhile, Senator Shehu Umar Buba clarified that the levy targets institutions, not individuals, emphasizing the sectors vulnerable to financial crimes and cyber fraud.
As the controversy surrounding the cybersecurity levy unfolds, stakeholders advocate for transparency, stakeholder consultation, and adherence to legal procedures to address cybersecurity challenges effectively.
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