President Bola Tinubu officially suspends 0.5% cybersecurity levy amid criticism.
Following public outcry, President Tinubu has officially suspended the planned 0.5% levy on all electronic transactions. The levy, announced by the CBN on May 6, was set to be implemented within two weeks, affecting banks, mobile money operators, and payment service providers.
Minister of Information and National Orientation, Mohammed Idris, announced Tinubu’s directive after the Federal Executive Council meeting on Tuesday, May 14. Tinubu has instructed the Centtak of Nigeria to halt the implementation and review the levy’s modalities. The levy was intended to contribute to the national cybersecurity fund overseen by the office of the National Security Adviser.
Idris emphasized that the cybersecurity levy was extensively deliberated during the FEC meeting, highlighting Tinubu’s responsiveness to Nigerians’ concerns.