Nigeria suspends cyber security levy | ANG
  • May 29, 2024

Sports:Ronaldo sets Saudi Pro League season scoring record

Cristiano Ronaldo finished the Saudi Pro League by setting the season goal-scoring record on Monday. Ronaldo scored twice in Riyadh as Al-Nassr defeated Al-Ittihad 4-2 and lifted his league tally to …

Nigeria fights cervical cancer with HPV vaccine, extends campaign across country

First introduced as part of the routine immunisation programme in October last year the HPV vaccine, developed to help prevent cervical cancer, was extended to a majority of Nigerian states on …

Burkina Faso junta extends its transition term by 5 years

Burkina Faso’s military leader will stay in power for five more years after a new charter was signed following national consultations on Saturday, May 25. The talks in the capital, Ouagadougou, …

“Nigeria has decided to suspend the proposed cybersecurity levy on domestic money transfers,” Information Minister Mohammed Idris announced, adding that “The implementation has been directed by the government to be put on hold.”, local media reported.

“The new levy was planned as authorities clamp down on cryptocurrency, which they have blamed for Nigeria’s currency weakness,” Idris explained.

“The cybersecurity tax policy implementation has been directed by the government to be put on hold, so it has been suspended,” reiterated Idris.

Civil society groups had earlier kicked against the introduction of the levy. The Nigerian Economic Summit Group (NESG) on Thursday, May 9 expressed concerns about the timing of the recently introduced 0.5 per cent cybersecurity levy on electronic transactions by the Central Bank of Nigeria (CBN).

Subsequently, the Central Bank of Nigeria (CBN) on Monday was reported to have issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, announcing the cybersecurity levy.

The NESG, in a statement, urged the federal government to reconsider the levy due to concerns over multiple taxation and inflationary pressures burdening Nigerians.

The group pointed out that, amidst escalating inflation and financial exclusion, the timing of the cybersecurity levy is inappropriate given the current cost of living crisis and increased currency circulation.

Leave a Reply

Your email address will not be published. Required fields are marked *