Federal Government Suspends Controversial 0.5% Cybersecurity Levy

The federal government has suspended the controversial 0.5% cybersecurity levy on electronic banking transactions.

Minister of Information, Mohammed Idris, confirmed this to State House correspondents on Tuesday after the two-day Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa.

According to him, the levy was undergoing review and has been put on hold for now.

He said, “the cybersecurity levy has been suspended. It is undergoing review. It had been put on hold for now.”

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Recall that the Central Bank of Nigeria (CBN) had issued a directive to all banks and financial institutions, mandating the implementation of a 0.5% cybersecurity levy on all electronic banking transactions. This new levy, set at 0.5% of the value of every electronic transaction, was introduced in response to the escalating concerns over cyber threats and follows the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.

According to the CBN, this measure was crucial for enhancing the security framework of financial operations across the country. However, the levy drew criticisms from businesses and the public over fears it could worsen the already dire economic situation of Nigerians.