Economy and Business

BREAKING: Tinubu suspends controversial 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.

Idris stated that President Tinubu has directed the CBN to temporarily halt the enforcement of the 0.5 per cent cybersecurity levy and to review the methods for its application.

The presidential order is in response to public backlash and opposition following its announcement.

This followed the decision of the House of Representatives urging the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

The CBN on May 6, 2024, 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.

According to the Act, a levy amounting to 0.5 per cent 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.

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