BREAKING: Tinubu Halts Cybersecurity Levy Following Public Backlash

• Tinubu halts Cybersecurity levy following public outcry

• Minister of Information confirms directive to halt enforcement and review implementation methods

• Decision made after discussions in Federal Executive Council; levy under review by government.

EKO HOT BLOG reports that President Bola Tinubu has instructed the suspension of the contentious cybersecurity levy.

The Minister of Information and National Orientation, Mohammed Idris, revealed this during a press briefing on Tuesday.

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He clarified that the President directed the Central Bank of Nigeria (CBN) to temporarily halt the enforcement of the 0.5 percent cybersecurity levy and to review its implementation methods.

The Minister further stated that Tinubu’s decision to suspend the levy came after discussions among members of the Federal Executive Council (FEC), indicating that the policy is currently under review.

“The position of the government is that that policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review. It was reiterated in council (FEC meeting) yesterday. You know that today’s council (meeting) is a continuation of the council meeting of yesterday,” Idris said.

“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government.”

This online recalls there was massive uproar and rejection from Nigerians following the CBN directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.

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The CBN had mandated financial institutions to start deductions within two weeks from the date of the circular and remit the accumulated levies monthly to the National Cybersecurity Fund (NCF), which is administered by the Office of the National Security Adviser (ONSA).

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