President Bola Tinubu Officially Suspends 0.5% Cybersecurity Levy

The 0.5 percent levy on the value of all electronic transactions which was scheduled to take off soon has been officially suspended by President Bola Tinubu following criticism.

Recall that on May 6, the CBN introduced the cybersecurity levy, mandating all banks, mobile money operators, and payment service providers to commence implementation in two weeks.

Minister of information and national orientation, Mohammed Idris who addressed newsmen after the Federal Executive Council (FEC) meeting on Tuesday, May 14, said the president directed the Central Bank of Nigeria (CBN) to suspend the implementation and review the modalities for implementation of the levy which is to be collected and remitted to the national cybersecurity fund, overseen by the office of the national security adviser (NSA).

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Idris said the cybersecurity levy was thoroughly discussed at the FEC meeting, adding that the president is not insensitive to the feelings of Nigerians.