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Overview of Cybersecurity Levy is more evidence that the government would rather exploit a faltering economy than encourage it to revive

May 10, 2024 | 2023 Elections | 0 comments

Labour Party’s presidential candidate in the 2023 general election, Peter Obi, has criticized the Federal government’s implementation of the Cybersecurity Levy.

In a statement issued this morning, dated May 8, Obi denounced the move, stating that the “introduction of the Cybersecurity Levy further demonstrates the government’s focus on exploiting a struggling economy rather than fostering its recovery and development.”

Obi argued that such policies would not only exacerbate poverty among citizens but also diminish the country’s economic competitiveness.

The Central Bank of Nigeria directed banks on Monday, May 6, to levy a 0.5% cybersecurity fee on certain customer transactions. The apex bank announced that the policy would be enforced within two weeks, with the funds collected to be channeled to the National Cybersecurity Fund (NCF), managed by the Office of the National Security Adviser.

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