Tinubu Orders CBN To Suspend Implementation Of Cybersecurity Levy

Amid the diverse controversy that have greeted the proposed cybersecurity levy, President Bola Tinubu on Sunday asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial policy and ordered a review.

It would be recalled that the House of Representatives had last Thursday asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 percent cybersecurity levy on all electronic transactions in the country.

Sunday Telegraph recalls that the Apex Bank 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.

However, sources with knowledge of Tinubu’s position on the issue told Punch that the President has no interest in increasing the economic burden on the citizenry by introducing more levies.

A senior presidency official who preferred to remain anonymous said, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.

“So, 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.”

Another presidency official said certain discrepancies prompted the President to order a review.

He 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.”