Nigerian President Bola Tinubu has directed the Central Bank of Nigeria to suspend the enforcement of the contentious cybersecurity levy and initiate a review.
This move follows the recent resolution by the House of Representatives, which urged the CBN to retract its directive instructing banks to impose a 0.5 percent cybersecurity levy on electronic transactions nationwide.
Criticism of the levy has been widespread among Nigerians, including prominent opposition figures.
The CBN had issued a circular on May 6, 2024, mandating banks, mobile money operators, and payment service providers to implement the new levy, citing provisions in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
According to sources familiar with Tinubu’s stance, the President is cognizant of the economic strain on Nigerians since the introduction of his stringent economic reforms last May and is reluctant to further burden them with additional levies.
A senior official from the presidency, speaking on condition of anonymity, stated: “The President is attuned to the concerns of Nigerians and does not wish to proceed with a policy that exacerbates their burden. Thus, he has instructed the CBN to halt the implementation and conduct a review.”
Another official noted that the President’s awareness of these discrepancies prompted the decision for a review, emphasizing Tinubu’s intention not to impose undue taxes on Nigerians.
