Tinubu Makes Official Declaration on Cybersecurity Levy

• The federal government has announced the suspension of the controversial 0.5% cybersecurity levy on all electronic transactions
• Mohammed Idris, the minister of information, explained that the policy was being reviewed and has been put on hold for now
• This is as Rilwan Olanrewaju, a chieftain of the PDP, criticised the policy, in an exclusive interview with Legit.ng

FCT, Abuja - The federal government has officially suspended the controversial 0.5% cybersecurity levy on electronic banking transactions.

Mohammed Idris, the minister of information, confirmed the development to journalists at the state house on Tuesday, May 14, after a two-day Federal Executive Council (FEC) meeting that President Bola Tinubu presided over.

According to Leadership, the minister disclosed that the cybersecurity levy was being reviewed and has been suspended for now.

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His statement partly reads:

“The cybersecurity levy has been suspended. It is undergoing review. It had been put on hold for now.”

The Central Bank of Nigeria (CBN) directed all banks and financial institutions to commence the implementation of a 0.5% cybersecurity levy on all bank transactions electronically.

Why CBN introduced cybersecurity levy

The 0.5% cybersecurity level was introduced due to growing concerns over cyber security threats in the country and followed the guidelines recently enacted by the national assembly.

The CBN noted that the measure was necessary for the enhancement of the security framework of the nation's financial institutions.

However, many Nigerians have criticised the levy, most especially from the business community, citing the possibility that the development would worsen the country's economic challenges.

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PDP chieftain knocks Tinubu over cybersecurity levy

Speaking to Legit.ng on the development, Rilwan Olanrewaju, a chieftain of the Peoples Democratic Party (PDP), condemned President Ola Tinubu's administration for introducing the levy at a time when Nigerians were struggling to survive.

His statement reads:

“Introducing cybersecurity levy amid this current hardship created by this government shows how cruel and unpatriotic most of the people in power are. There can never be any justification for making life more unbearable for Nigerians.

“The CBN governor is not fit to manage the monetary affairs of this country. The president himself already proved to the world that he does not have what it takes to lead a nation like Nigeria."

Reps stop CBN's cybersecurity levy

Legit.ng earlier reported that the House of Representatives had issued a restriction order to the CBN on implementing the cybersecurity levy.

According to the lawmakers, the Cybersecurity Act specifically mentioned those who should pay the levy, but the CBN circular did not mention them.

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The Reps directed that the CBN withdraw the circular to banks, as it has created apprehension among Nigerians, and issue another one in compliance with the law.

Source: Legit.ng