NEWS

Tinubu Reportedly Orders CBN To Suspend Cybersecurity Levy

A report on Sunday cited presidential sources revealing Tinubu’s stance on the cybersecurity levy.

By Arex Stefani

President Bola Ahmed Tinubu has reportedly requested the Central Bank of Nigeria to halt the enforcement of the contentious cybersecurity levy policy, which has faced strong opposition from Nigerians.

A report on Sunday cited presidential sources revealing Tinubu’s stance on the cybersecurity levy.

This development comes after the House of Representatives, on Thursday, called on the CBN to rescind its directive requiring all banks to start imposing a 0.5 percent cybersecurity levy on all electronic transactions in the country.

Recall that on May 6, 2024, the CBN issued a circular instructing all banks, mobile money operators, and payment service providers to implement the new cybersecurity levy.

The introduction of the levy was met with widespread disapproval from Nigerians, the Nigerian Labour Congress (NLC), and the Centre for the Promotion of Private Enterprises (CPPE).

The NLC rejected the levy, stating that it would exacerbate the economic challenges facing Nigerians.

Similarly, the CPPE, in a statement by its director, Dr. Muda Yusuf, called for the suspension of the levy, citing insensitivity to the severe economic difficulties faced by Nigerians.

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