President Tinubu Suspends Cybersecurity Levy

President Bola Tinubu has directed the Central Bank of Nigeria(CBN) to suspend the implementation of the 0.5 percent cybersecurity levy in response to public backlash and opposition following its announcement.

Minister of Information and National Orientation, Mohammed Idris, announced the suspension of the levy on Tuesday.

Idris disclosed that President Tinubu has instructed the CBN to temporarily halt the enforcement of the 0.5 percent cybersecurity levy and to review the methods for its application.

Members of the House of Representatives last Thursday asked the CBN to withdraw the circular directing financial institutions to commence implementation of the 0.5 percent cybersecurity levy, describing it as “ambiguous”.