Nigeria’s President, Bola Tinubu, has suspended the implementation of the 0.5 percent cybersecurity levy after its announcement was trailed by criticism.
The Minister of Information, Mohammed Idris, confirmed this to State House correspondents at the end of the two-day Federal Executive Council (FEC) meeting in Abuja.
Idris said Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation and review the modalities for its implementation.
The Minister said: “The cybersecurity levy has been suspended. It is undergoing review. It has been put on hold for now.”
Recall that the CBN had last week directed all banks to implement a 0.5% cybersecurity levy on every electronic banking transaction.
This new levy was introduced in response to issues bordering on cyber threats and followed the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.
Meanwhile, the levy was heavily criticized by businesses and the public over fears it could worsen Nigeria’s dire economic situation.