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| Tinubu Halts 0.5% Cybersecurity Levy |
Idris revealed President Tinubu's instruction to the Central Bank of Nigeria (CBN) to pause and reassess the cybersecurity levy's implementation procedures.
President Bola Tinubu has put a halt to the 0.5 percent cybersecurity levy imposed on electronic transactions within the nation.
The suspension was announced by the Minister of Information and National Orientation, Mohammed Idris, in a briefing with reporters following the Federal Executive Council (FEC) meeting held at the Presidential Villa in Abuja on Tuesday.
Idris revealed President Tinubu's instruction to the Central Bank of Nigeria (CBN) to pause and reassess the cybersecurity levy's implementation procedures.
The minister noted that the FEC meeting involved an extensive discussion on the levy, emphasizing that the policy is currently under revision.
"The government's stance is that the policy is suspended, placed on hold for the time being. It's under review. This was reaffirmed during yesterday's council (FEC meeting), and today's session is a continuation of that meeting," Idris stated.
"Therefore, the cybersecurity levy is on hold and under governmental review," he added.
Previously, the CBN had instructed banks, mobile money operators, and payment service providers to enforce the levy as stipulated in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
A 0.5 percent levy was anticipated on all electronic transactions.
The collected funds were designated for the National Cybersecurity Fund, managed by the Office of the National Security Adviser (NSA).
The levy faced opposition from Nigerians, who criticized the government for insensitivity to their economic challenges.
Furthermore, the House of Representatives urged the CBN to retract its order to banks regarding the contentious levy.
