The Federal Government of Nigeria has suspended the 0.5% cybersecurity levy on electronic banking transactions, effective immediately. This decision was announced by the Minister of Information and National Orientation, Mohammed Idris, on Tuesday after a meeting of the Federal Executive Council (FEC) at the State House in Abuja.
According to the minister, the suspension was ordered by President Bola Tinubu following deliberations by FEC members. The cybersecurity levy had been a subject of controversy since its introduction, with many stakeholders expressing concerns about its impact on the economy and the financial sector.
The suspension of the levy is seen as a welcome development by many, and it is expected to provide relief to individuals and businesses that have been affected by the additional charge on electronic banking transactions.
Further details of the suspension and any future plans for cybersecurity regulation are expected to be announced in due course.
