President Bola Ahmed Tinubu has purportedly requested the Central Bank of Nigeria to halt the enforcement of the contentious cybersecurity levy policy amidst resistance from the Nigerian populace.
A publication on Sunday cited sources from the presidency revealing Tinubu’s stance on the cybersecurity levy.
This development ensued after the House of Representatives urged the CBN to retract its directive instructing all financial institutions to initiate a 0.5 percent cybersecurity levy on electronic transactions nationwide.
It is worth noting that the CBN, on the 6th of May, 2024, released a circular mandating all banks, mobile money operators, and payment service providers to enforce a new cybersecurity levy.
The implementation of this levy was met with disapproval from Nigerians, the Nigerian Labour Congress, and the Centre for the Promotion of Private Enterprises.
The NLC opposed the levy, arguing that it would exacerbate the economic challenges faced by Nigerians.
Likewise, the CPPE, through a statement from its director, Dr. Muda Yusuf, called for the suspension of the levy, deeming it to be inconsiderate given the severe economic struggles experienced by Nigerians.
