Tinubu calls on CBN to suspend cybersecurity levy after public outcry • Okay.ng

President Bola Tinubu has suspended the implementation of the controversial cybersecurity levy and ordered a review of the policy.

The decision came after widespread public outcry and criticism from the House of Representatives, which described the Central Bank of Nigeria (CBN) directive as “ambiguous” and called for its reversal.

The CBN had announced a 0.5% levy on certain electronic transactions, raising concerns that it would increase the cost of living and doing business and hamper 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 keen to avoid policies that increase the burden on the people. The CBN is expected to issue a statement this week deferring implementation of the directive and will work with banks to ensure the levy is not deducted from customers’ accounts.

The suspension of the cybersecurity levy was welcomed by many Nigerians who opposed the measure.