The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions, Minister of Information and National Orientation Mohammed Idris announced on Tuesday while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the State House in Abuja.
“The position of the government is that that policy has been suspended. 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.”
The Central Bank of Nigeria (CBN) had on May 6 mandated banks, 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).
But the move was greeted with outrage, prompting calls for its suspension.
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