Cybersecurity Levy Has Been Put On Hold, Undergoing Review – FG

The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions.

The development is coming, following many outcries from Nigerians and socio-political groups, lamenting over the Central Bank of Nigeria’s directive.

It was gathered that the Minister of Information and National Orientation, Mohammed Idris, announced the suspension of the levy on Tuesday, while addresing newsmen in Abuja.

Idris stated that President Tinubu has directed the CBN to temporarily halt the enforcement of the 0.5 per cent cybersecurity levy and to review the methods for its application.

He said: “The position of the government is that policy has been suspended.

READ MORE: Tinubu Bows To Pressure, Orders CBN To Suspend Cybersecurity Levy

“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 the council (FEC meeting) yesterday. You know that today’s council (meeting) is a continuation of the council meeting of yesterday,” the minister said.

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

Recall that INFORMATION NIGERIA had reported that, on May 6 the CBN mandated financial institutions, mobile money operators, and payment service providers to implement the levy as contained in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

With the development, all electronic transactions were expected to attract a levy of 0.5 per cent.

The money was to be remitted to the National Cybersecurity Fund overseen by the Office of the National Security Adviser (NSA).