Cybersecurity levy: Tinubu suspends implementation

Following criticism of the cybersecurity levy directive, President Bola Tinubu at the weekend reportedly ordered the Office of National Security Adviser (ONSA) to suspend its implementation.

A presidential source familiar with the development said Mr Tinubu ordered the suspension of the directive because the NSA did not obtain proper approval before commencing implementation of this provision of the Cybersecurity Act.

According to the source, President Tinubu is aware of the current economic situation in the country and does not want new taxes to make the situation worse. For this reason, he orders ONSA to exercise restraint.

While confirming the development to The Nation on Sunday, the source, who did not wish to be quoted, said the implementation or suspension order was an ONSA matter as the law was directly related to the office and the Central Bank of Nigeria (CBN). stand. I only play the middle role.

It said Mr Tinubu issued the suspension order because he did not want Nigerians to be burdened by economic pressures.

“He didn’t order CBN. This is a wrong attitude. It is not a CBN measure but an ONSA measure. CBN has only issued circulars to banks as implementing institutions

“The president simply stopped implementation for the time being so as not to place additional burden on Nigerians. The NSA also did not get his approval before implementing the provision of the Cybersecurity Act

“It is wrong to say that he told CBN to stop. CBN is not the originator of the action. “It is the NSA,” the source said.

Recall that on May 6, 2024, the CBN had issued a circular to affected financial institutions informing them of the plan to commence implementation of the National Cybersecurity Fund (NCF) managed by ONSA.

“Subsequent to the enactment of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act, 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, a levy of 0.5 percent (0.005) equivalent to half a percent shall be levied of the total electronic transaction value of the company specified in the Second Schedule of the Law.

“The levy is collected at the place of electronic transfer, then deducted and paid by the financial institution. The deducted amount will be reflected in the customer’s account with the notation “Cybersecurity Levy,” it said.

Post views: 4

Related