Target high-net-worth individuals

The National Economic Summit Group criticized the timing of the cybersecurity levy imposed by the Central Bank of Nigeria, arguing that it should target the wealthy rather than the vulnerable. NESG stated that amidst rising inflation and a cost of living crisis, the levy would burden the poor further. They suggested targeting high-net-worth individuals instead and providing specific electronic transfers to alleviate concerns. NESG warned that the levy might prompt Nigerians to avoid electronic transactions, potentially reducing revenue. They called for proper policy sequencing and consultation before implementing the levy, suggesting deferring it until the presidential tax reforms and fiscal policy committee’s mandate is clear.