President Bola Tinubu has officially halted the imminent launch of the 0.5 percent levy on the value of all electronic transactions, responding to public criticism.
The Central Bank of Nigeria (CBN) had announced the introduction of the cybersecurity levy on May 6, instructing banks, mobile money operators, and payment service providers to begin implementation within two weeks.
Mohammed Idris, the Minister of Information and National Orientation, briefed reporters after the Federal Executive Council (FEC) meeting on Tuesday, May 14, stating that Tinubu directed the CBN to suspend the levy’s implementation and reassess the modalities for its execution. The levy was intended to be collected and remitted to the national cybersecurity fund, overseen by the Office of the National Security Adviser (NSA).
Idris emphasized that the FEC extensively deliberated on the cybersecurity levy, underscoring that the president is attuned to the concerns of Nigerians.
