July 21, 2024
FG Confirms Suspension Of The 0.5% Cybersecurity Levy
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FG Confirms Suspension Of The 0.5% Cybersecurity Levy

The Federal Government on Tuesday confirmed the suspension of the 0.5 percent cybersecurity levy imposed recently by the Central Bank of Nigeria, CBN.

Mohammed Idris, the Minister of Information and National Orientation, while briefing State House Journalists, after a marathon meeting of the Federal Executive Council FEC, presided over by President Bola Tinubu, which lasted for two days, confirmed the suspension of the cybersecurity levy.

The Minister said President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.

READ ALSO: States Must Grow IGR To Fund Budgets, Says Amosun

The CBN had, on May 6, 2024, issued a circular directing all banks, mobile money operators, and payment service providers to commence the implementation of the new cybersecurity levy.

The levy was part of the Cybercrime Act 2024, which approved that “ a levy amounting to 0.5 percent 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, NSA.

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