President Tinubu

President Bola Tinubu has officially suspended the controversial 0.5% cybersecurity levy on electronic banking transactions.

Minister of Information and National Orientation Mohammed Idris said President Tinubu ordered the suspension following deliberations by members of the Federal Executive Council (FEC).

Idris disclosed this at the State House in Abuja on Tuesday after the FEC meeting.

This followed the decision of the House of Representatives, last Thursday, which asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

Recall that the CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.

Financial institutions are required to apply the levy at the point of electronic transfer origination.

The policy was greeted by different condemnation by human rights activists and groupa including the Socio-Economic Rights and Accountability Project (SERAP) which urged President Tinubu to immediately direct the Central Bank of Nigeria (CBN) to withdraw the cybersecurity levy on Nigerians.

The group noted that the directive patently violates the provisions of the Nigerian Constitution 1999 [as amended] and the country’s international human rights obligations and commitments.

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