President Bola Tinubu orders CBN to Suspend Implementation of Cyber Security Levy

The President of the Federal Public of Nigeria, Bola Ahmed Tinubu has reportedly asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy amid rejection by Nigerians.

A report on Sunday quoted presidential sources disclosing Tinubu’s position on the cybersecurity levy. This followed the decision of the House of Representatives, which, last Thursday, asked 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.

Recall that CBN, on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy. The levy did not go down well with many Nigerians, the Nigerian Labour Congress, and the Centre for the Promotion of Private Enterprises.NCL rejected the levy, noting that it would worsen the economic hardship on Nigerians.

Similarly, CPPE, in a statement by its director, Dr Muda Yusuf, called for its suspension as it is insensitive when Nigerians face severe economic hardship.