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| Cybersecurity Levy Halted: Tinubu Reportedly Directs CBN to Pause Implementation |
The levy was met with disfavor by Nigerians, the Nigerian Labour Congress, and the Centre for the Promotion of Private Enterprises.
President Bola Ahmed Tinubu has reportedly instructed the Central Bank of Nigeria to halt the rollout of the contentious cybersecurity levy policy, following widespread disapproval from Nigerians.
A Sunday report cited presidential sources revealing Tinubu's stance on the cybersecurity levy.
This comes after the House of Representatives' recent directive, last Thursday, for the CBN to retract its circular that mandated all banks to start imposing a 0.5 percent cybersecurity levy on all electronic transactions within the nation.
Remember, on May 6, 2024, the CBN released a circular requiring all banks, mobile money operators, and payment service providers to enforce a new cybersecurity levy.
The levy was met with disfavor by Nigerians, the Nigerian Labour Congress, and the Centre for the Promotion of Private Enterprises.
The NLC dismissed the levy, emphasizing that it would exacerbate the financial difficulties faced by Nigerians.
In the same vein, the CPPE, through a statement from its director, Dr Muda Yusuf, demanded the levy's suspension, labeling it as inconsiderate amid the severe economic challenges confronting Nigerians.
