Tinubu bows to pressure, asks CBN to suspend cybersecurity levy

Tinubu bows to pressure, asks CBN to suspend cybersecurity levy

President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend cybersecurity levy implementation and review the policy.

A major report by Sunday Punch quoted some sources at the Presidency as saying the President’s action followed the public outcry that greeted last week’s announcement of the levy by the CBN.

This came three days after the House of Representatives had urged the CBN to withdraw its circular directing all banks to start charging the 0.5 per cent cybersecurity levy on all electronic transactions in the country from May 20, 2024.

The CBN issued the circular on May 6, 2024, mandating all banks, mobile money operators and payment service providers to implement the new levy, in accordance with Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 provisions.

In suspending the levy, Tinubu was said to be sensitive to the feelings of Nigerians and did not want anything that could add to the burden of the people.

“He has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous.

“But he has asked the CBN to hold off on it and review things again,” a senior presidency official reportedly said.

Another presidency official said, “If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.

“You know he (Tinubu) was not around when that directive was being circulated. And he does not want to present his government as being insensitive.

“As it is now, the CBN has held off the instruction to banks to start charging people. So, the President is sensitive. His goal is not to just tax Nigerians like that. That is not his intention. So, he has ordered a review of that law.”