President Bola Tinubu has instructed the Central Bank of Nigeria (CBN) to halt the rollout of the controversial cybersecurity levy policy and to conduct a thorough review of its implications.
This decision comes in the wake of the House of Representatives’ call for the withdrawal of the CBN’s circular mandating a 0.5 per cent levy on all electronic transactions, citing ambiguity and the need for clarity.
Initially introduced by the CBN on May 6, 2024, the cybersecurity levy aimed to enforce the provisions outlined in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
The Act mandates a levy of 0.5 per cent on the value of electronic transactions, with proceeds directed to the National Cybersecurity Fund under the oversight of the Office of the National Security Adviser.
Financial institutions were given a tight timeline to implement the levy, with deductions set to commence on May 20, 2024. However, concerns arose regarding the interpretation of the directive and its alignment with the Cybersecurity Act.
In response to these concerns and the potential economic burden on Nigerians, President Tinubu has intervened, urging a pause in implementation and a comprehensive review of the policy.
While acknowledging the autonomy of the CBN, the President emphasized the importance of alleviating burdens on the populace amidst ongoing economic reforms.
Sources within the presidency told PUNCH that Tinubu’s directive stems from a desire to ensure policies are sensitive to the needs of Nigerians and do not exacerbate existing economic challenges.
As such, a review of the cybersecurity levy law has been ordered to ensure alignment with the administration’s goals and principles.
“The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.
“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again, ” the source said.
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