Former Chief of Staff to the Imo State governor and President of the Ugwumba Leadership Center, Chief Uche Nwosu, expressed his concern regarding the ill-timed introduction of the cybersecurity levy, stating that it lacked awareness and understanding. Nwosu applauded President Bola Tinubu’s decision to suspend the controversial 0.5% cybersecurity levy, emphasizing that its implementation would have imposed an additional burden on the general populace.
In a conversation with journalists, Nwosu highlighted the impracticality of the levy, particularly for individuals in rural areas and small-scale businesses, underscoring the lack of sufficient public awareness about its implications. He stressed the need for broader public consultation on such policies before their implementation and commended the President for heeding public sentiment and suspending the levy.
Nwosu suggested that if the policy were to be reconsidered and enforced, it should primarily target larger industries, exempting small businesses and the masses from the levy. He emphasized the need to safeguard the growing economy from potential adverse effects and stressed that in a developing economy like Nigeria, such policies should be carefully evaluated and implemented, taking into account the country’s current economic status.
According to Nwosu, the levy should be directed at major companies with potential involvement in financial irregularities, rather than burdening small businesses and individuals. He proposed that multinational organizations should bear the brunt of such levies, emphasizing the importance of nurturing the country’s economic growth before considering such measures. Nwosu advocated for a cautious approach, suggesting that if the policy were to be revised, it should prioritize larger industries, while exempting small-scale enterprises from the levy.
