President Bola Tinubu has suspended the 0.5 per cent cybersecurity levy on electronic transactions in the country after heavy criticism that followed its announcement.
The Minister of Information and National Orientation, Mohammed Idris, made this revelation while speaking to journalists after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja on Tuesday.
He said that the president ordered the Central Bank of Nigeria (CBN) to suspend the implementation and review the modalities for the implementation of the cybersecurity levy.
Idris further said that the levy was thoroughly discussed at the FEC meeting, adding that the policy is undergoing scrutiny.
“The position of the government is that that policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review. It was reiterated in council (FEC meeting) yesterday. You know that today’s council (meeting) is a continuation of the council meeting of yesterday,” the minister said.
“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government.”
The CBN had mandated all financial institutions in the country to implement the levy as contained in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
All electronic transactions were to attract a charge of 0.5 per cent.
The money was to be consigned to the National Cybersecurity Fund and administered by the Office of the National Security Adviser (NSA).
But Nigerians rejected the levy, accusing the government of not being sensitive to their plight.
The Nigerian House of Representatives also implored the CBN to withdraw its directive to all banks on the controversial levy.