Tinubu orders suspension of Cybersecurity levy

 

President Bola Tinubu has told the Central Bank of Nigeria (CBN) to suspend the implementation of the cybersecurity levy policy.

This comes after the policy was greeted with widespread condemnation.

 

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.

Financial institutions are required to apply the levy at the point of electronic transfer origination.

The deduction was to commence on May 20.

However, last Thursday, the House of Representatives said the cybersecurity levy was “ambiguous”.

 

Rep Kingsley Chinda drew the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.

The House consequently asked the CBN to withdraw its directives to banks on the levy and review the policy.

According to a report by Punch quoting a presidency source, Tinubu asked the CBN to review the cybersecurity levy.

“The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.

“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again.”