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Tinubu orders CBN to suspend implementation of cybersecurity levy

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Amid the multiple controversies that have sparked the proposed cybersecurity levy, President Bola Tinubu on Sunday called on 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 impose a cybersecurity levy of 0.5 percent on all electronic transactions in the country.

Sunday Telegraph recalls that the Apex Bank issued a circular on May 6, 2024 requiring all banks, mobile operators and payment service providers to introduce a new cybersecurity levy following the provisions of the Cybercrime (Prohibition, Prevention, etc.) Act . (Amendment) Act 2024.

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However, sources with knowledge of Tinubu’s stand on the issue told Punch that the President is not interested in increasing the economic burden on citizens by imposing more levies.

A senior presidential official, who spoke on condition of anonymity, said: “The President is sensitive to the sentiments of Nigerians. And he will not want to continue implementing policies that increase the burden on people.

“Therefore, he has asked the CBN to shelve this policy and ordered a review. I would have said that he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he asked the CBN to stop and check things again.”

Another presidential office official said certain discrepancies led 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 now being implemented.

“You know he (Tinubu) was not there when this directive was circulated. And he doesn’t want to portray his government as insensitive. As it stands now, the CBN has withheld directing banks to start charging fees. So the president is sensitive.

“His aim is not to simply tax Nigerians. That is not his intention. That is why he has ordered a review of this law.”

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