President Bola Tinubu has directed the Central Bank of Nigeria to suspend the implementation of the 0.5 percent cybersecurity levy in response to public backlash and opposition following its announcement.

The Minister of Information and National Guidance, Mohammed Idris, announced the suspension of the levy on Tuesday.

Idris explained that President Tinubu has directed the CBN to temporarily halt the enforcement of the 0.5 percent cybersecurity levy and review the methods of its application.

Last Thursday, members of the House of Representatives called on the CBN to withdraw the circular directing financial institutions to begin implementing the 0.5 percent cybersecurity levy, describing it as “ambiguous.”

Details later