President Bola Tinubu has suspended the implementation of the controversial cybersecurity levy and ordered a review of the policy.
The decision comes after widespread public outcry and criticism from the House of Representatives, which described the Central Bank of Nigeria’s (CBN) directive as “ambiguous” and called for its withdrawal.
The CBN had announced a 0.5% levy on certain electronic transactions, sparking concerns that it would increase the cost of living and conducting business, as well as hinder the growth of digital transactions. The president’s decision to suspend the implementation of the levy is seen as a response to the economic burden on Nigerians.
According to sources close to the president, he is committed to avoiding policies that add to the burden of the people. The CBN is expected to issue a statement this week, deferring the implementation of the policy, and will engage with banks to ensure that the levy is not deducted from customers’ accounts.
The suspension of the cybersecurity levy has been welcomed by many Nigerians, who had expressed opposition to the policy.
