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Cybersecurity Levy in Nigeria – Peter Obi’s Reaction & Things to Note

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Cybersecurity Levy in Nigeria – Peter Obi’s Reaction & Things to Note

Cybersecurity Levy in Nigeria – Peter Obi’s Reaction & Things to Note

Since the announcement of this Cybersecurity levy in the country by the federal govt, Nigerians have taken to social media to express their concerns and thoughts towards this new policy. According to Peter Obi he said

The introduction of yet another tax, in the form of Cybersecurity Levy, on Nigerians who are already suffering severe economic distress is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.

Cybersecurity Levy in Nigeria – Peter Obi’s Reaction & Things to Note

Cybersecurity Levy in Nigeria

Currently the Nigerian economy is facing hard times, and with the introduction of this initiative from the federal government. This initiative according to most Nigerians is not the next or right step for the govt to take now, as there is no increase in minimum wage. The fact that things are increasing and there is rising percentage in inflation means the govt needs to review her policies . This review will aid the betterment and standard of living of many Nigerians.

According to reports, FG could rake in between 3 Trillion Naira to 7 Trillion Naira yearly with its recently introduced Cybersecurity Levy. In addition to this trending movement, the Nigerian Labor Congress has moved against this motion, noted that it will be a burden on workers and businesses in Nigeria.

Things to note on the Cybersecurity Levy in Nigeria

  • The Central Bank of Nigeria has directed all banks to impose a 0.5% cybersecurity levy on all transactions
  • Your electronic transactions now carry a 0.5% “cybersecurity levy”
  • For individuals, cash deposits at the bank above 500k now attracts a 2% processing fee.
  • For companies, you now pay a 3% processing fee on cash deposits of 3M and above.

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