President Bola Tinubu has asked the Central Bank of Nigeria (CBN) to postpone the 0.5% cybersecurity levy.
This is in response to the public outcry and protest that followed its announcement.
Mohammed Idris, Minister of Information and National Orientation, confirmed the suspension of the levy on Tuesday.
According to Idris, President Tinubu has asked the CBN to temporarily cease implementing the 0.5% cybersecurity levy and evaluate the methodology for its application.
Members of the House of Representatives asked the CBN last Thursday to rescind the circular requiring financial institutions to begin implementing the 0.5% cybersecurity levy, calling it “ambiguous”.
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