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Tinubu suspends implementation of 0.5% cybersecurity levy

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President Bola Tinubu has suspended the implementation of the 0.5 percent cybersecurity levy after criticism trailed the announcement.

The Minister of information, Mohammed Idris, confirmed this to State House correspondents at the end of the two-day Federal Executive Council (FEC) meeting on Tuesday in Abuja.

Idris said Tinubu 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.”

READ ALSO: Northern Elders reject CBN’s cybersecurity Levy

The CBN had last week directed all banks to implement a 0.5% cybersecurity levy on all electronic banking transactions.

This new levy was introduced in response to concerns over cyber threats and followed the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.

However, the levy attracted criticisms from businesses and the public over fears it could worsen the already dire economic situation of Nigerians.

By: Babajide Okeowo

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