Cybersecurity Levy: Finally, FG Bows To Pressure

•  Announces Suspension, To Review Modalities For Its Implementation

Amid massive protest and outrage from different sections of Nigeria over the 0.5 percent cybersecurity levy introduced by the Office of the National Security Adviser, the Federal Government of Nigeria has backtracked.

President Bola Tinubu has directed the Minister of information, Mohammed Idris to announce the suspension of the 0.5 percent cybersecurity levy after criticism and protest trailed the announcement.

Idris confirmed the suspension to State House correspondents on Tuesday after the two-day federal executive council (FEC) meeting presided over by President Tinubu at the Presidential Villa.

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Idris said Tinubu directed the Central Bank of Nigeria (CBN) to suspend the implementation and review the modalities for its implementation.

Hear him; “the cybersecurity levy has been suspended. It is undergoing review. It has been put on hold for now.”

It would be recalled that the Central Bank of Nigeria (CBN) had issued a directive to all banks and financial institutions, mandating the implementation of a 0.5% cybersecurity levy on all electronic banking transactions.

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This new levy, set at 0.5% of the value of every electronic transaction, was introduced in response to the escalating concerns over cyber threats and follows the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.

However, the levy attracted harsh criticisms from businesses and the public over fears it could worsen the already dire economic situation of Nigerians.