The Nigerian Economic Summit Group (NESG) has expressed concerns over the timing and implementation modalities of the cybersecurity levy, considering the current cost of living crisis exacerbated by rising inflation. The group emphasized the need for prudent consideration and dialogue to ensure that Nigeria can navigate the evolving cyber threat landscape while safeguarding economic stability and promoting inclusive growth.

In its position paper, the NESG suggested 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. It also highlighted the importance of proper sequencing of reforms for efficient socioeconomic outcomes, especially those that strain the purchasing power and welfare of corporations and individuals.

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The NESG called for deferring the implementation of the levy until the Presidential Committee on Fiscal Policy and Tax Reforms finalizes its mandate, to avoid conflict of interests and ensure no policy misalignment. The group also emphasized the need for an integrated approach in the fight against cybercrimes, involving the collaborative efforts of financial institutions, security agents, the EFCC, and other key stakeholders.

Additionally, the NESG suggested the need to reduce banks’ transaction costs, improve trust in the financial system, and entice people to become financially included. This, it argued, would help mitigate the impact of the cybersecurity levy and ensure that it does not further burden the poor and vulnerable Nigerians.

In conclusion, the NESG emphasized the importance of fostering dialogue, targeted application, and comprehensive cybersecurity strategies to address the challenges posed by cyber threats while ensuring economic stability and inclusive growth.

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