President Bola Tinubu has directed the Central Bank of Nigeria to halt the implementation of the 0.5 per cent cyber-security levy on electronic transactions in the country.
This development was made known by Minister of Information and National Orientation, Mohammed Idris, after the Federal Executive Council (FEC) meeting Tuesday 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 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 apex bank had mandated banks, mobile money operators and payment service providers to implement the levy as contained in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
All electronic transactions were expected to attract a levy of 0.5 per cent.
