Tinubu calls on CBN to suspend implementation of cybersecurity levy

Accordingly The punchThe President also asked the apex bank to review the policy.

Under the law, fees deducted from all electronic transactions are remitted to the National Cybersecurity Fund, which is overseen by the Office of the National Security Adviser.

As stated in the circular, this is expected to commence on May 20, 2024, but the President has asked the CBN to stop implementing the directive.

A senior presidential official who spoke to ThePunch about the controversial policy said President Tinubu does not want to increase the burden on Nigerians.

The source said: “The President is sensitive to the feelings 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 anonymous source in the presidential office said the president ordered the policy review because he did not want his administration to be seen as insensitive.

“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.” said the source.

The union said it was illogical for the CBN to impose a new levy on citizens who are already struggling with multiple taxation by banks and the government.