Nigeria suspends cybersecurity levy: President Tinubu has halted the 0.5% levy on electronic transactions for review, following House of Representatives’ concerns. Critics worried about its impact on business costs. Stay tuned for updates.

In a recent turn of events, Nigeria has decided to suspend the implementation of the controversial cybersecurity levy. President Bola Tinubu has instructed the Central Bank of Nigeria (CBN) to halt the levy and conduct a review, following the House of Representatives’ call to withdraw the directive.

The cybersecurity levy, which was scheduled to take effect on May 20, 2024, mandated a 0.5 per cent charge on all electronic transactions. This levy was part of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024, aimed at funding the National Cybersecurity Fund overseen by the Office of the National Security Adviser.

However, the levy faced criticism from various quarters, with concerns raised about its potential impact on the cost of doing business and the growth of digital transactions in Nigeria. Members of the House of Representatives described the initial circular as “ambiguous” and called for a clearer directive from the CBN.

President Tinubu’s decision to suspend the levy demonstrates a commitment to transparency and a willingness to review policies that could hinder progress. The move has been welcomed by stakeholders, who hope that the review will lead to a more balanced approach to cybersecurity funding in Nigeria.

As the country navigates these changes, it is essential to stay informed about developments in cybersecurity and financial policies. Stay tuned for more updates on this story as it unfolds.