The debate over the recent imposition of a cybersecurity tax by the Nigerian federal government has sparked strong reactions from various sectors of society. The Institute for the National Economic Summit (NESG) issued a statement on Thursday, May 9, calling on the government to reconsider the measure.
Against the backdrop of multiple taxes and already existing inflationary pressures, the NESG expressed concern over the additional burden placed on Nigerians. This tax, imposed by the Central Bank of Nigeria (CBN) in a circular dated May 6, 2024, requires all commercial banks, mobile payment service operators and payment service providers to collect this tax and remit it to the Fund National Cybersecurity (NCF), placed under the supervision of the Office of the Principal National Security Advisor (ONSA).
This recent decision has led to significant reactions, notably from labor unions, who are now threatening to act accordingly. The NESG has expressed strong criticism, saying the timing of the tax is inappropriate given the current high cost of living, compounded by rising inflation.
According to the NESG, this tax should target the richest and be levied electronically at a specific amount in order to reassure the public, faced with rising prices of essential and non-essential products.
The Institute believes that if this policy is maintained, many Nigerians may turn to other means of payment, which could result in a loss of revenue for the government.
In a context where the effects of the removal of the fuel subsidy, the exchange rate reform and more recently the end of electricity subsidies are still being felt on the operating costs of businesses and well-being. be citizens, the NESG considers that the implementation of this tax is inappropriate.
It is crucial, according to the Institute, that the government takes into account the concerns of the people in the implementation of tax policies, to ensure economic stability and the well-being of citizens.
In conclusion, the debate on this cybersecurity tax ignites minds in Nigeria. It is essential that the government considers the impact of such decisions on the population and seeks equitable solutions to ensure prosperity for all.