President Tinubu Suspends 0.5% Cybersecurity Levy
President Bola Tinubu has officially instructed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy.
Minister of Information and National Orientation, Mohammed Idris, announced the suspension of the cybersecurity levy on Tuesday, May 13. The suspension is in response to public backlash and opposition following its announcement.
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Key Points:
Suspension: The suspension of the cybersecurity levy was announced by Minister of Information and National Orientation, Mohammed Idris, on Tuesday, May 13.
Presidential Order: President Tinubu has directed the CBN to temporarily halt the enforcement of the 0.5% cybersecurity levy and to review the methods for its application.
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Public Backlash: The suspension is in response to public backlash and opposition following its announcement.
House of Representatives: The House of Representatives had urged the CBN to withdraw its circular directing all banks to commence charging a 0.5% cybersecurity levy on all electronic transactions in the country.
Cybercrime Act: The CBN issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
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National Cybersecurity Fund: According to the Act, a levy amounting to 0.5% of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.
