The federal government on Tuesday confirmed the suspension of the 0.5% cybersecurity levy imposed recently by the Central Bank of Nigeria CBN.
The CBN had on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to commence the implementation of the new cybersecurity levy.
The levy was part of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024, which approved that “ 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 NSA.
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But Mohammed Idris, Minister of Information and National Orientation, while briefing State House Journalists, after a marathon meeting of the Federal Executive Council FEC, presided over by President Bola Tinubu, which lasted for two days, confirmed the suspension of the cybersecurity level.
The Minister President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.
