President Bola Ahmed Tinubu has asked the CBN to suspend the implementation of the controversial cybersecurity levy policy amid rejection by Nigerians.
A presidential source who spoke to newsmen on Sunday, May 12, said, “It’s true. President Tinubu gave the directive last week for the Cybersecurity levy to be suspended. 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.”
This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging 0.5% cybersecurity levy on all electronic transactions in the country.
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. The levy did not go down well with Nigerians, the Nigerian Labour Congress and the Centre for the Promotion of Private Enterprises.
