President Bola Ahmed Tinubu has ordered the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and also ordered a review.
It would be recalled 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.
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.
The levy did not go down well with Nigerians, the Nigerian Labour Congress, and the Centre for the Promotion of Private Enterprises.
Nigeria Labour Congress also rejected the levy, noting 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.
The House of Reps also asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 percent cybersecurity levy on all electronic transactions in the country.
The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity levy, moved by Kingsley Chinda.
According to the House, the CBN is to withdraw the initial circular, and “issue a more understandable one”.
Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.
The House then expressed worry, that the Act would be implemented in error if immediate steps were not taken, to address the concerns around the interpretation of the CBN directive and the Cybersecurity Act.
A source from the Federal Government Calcus who pleaded anonymity said President bowed to the pressure from all quarters calling for the suspension of the 0.5 Cybersecurity levy proposed to be charged from all electronics transactions made by the Nigerians.
