By Emmanuel Nduka
Nigerian President, Bola Tinubu has directed the country’s apex bank, the Central Bank of Nigeria (CBN), to halt the implementation of the proposed 0.5% cybersecurity levy on electronic transactions.
After deafening public outcry by Nigerians, the government has now rescinded its decision and has ordered a suspension of the levy.
Heritage Times HT reports that Nigerians are currently grappling with countless levies on electronic transfers charged by commercial banks.
In a circular, dated May 6, 2024, the Tinubu-led government had directed all banks as well as other Financial Institutions and Payments Service Providers in the country, to collect and remit 0.5% of all electronic transactions as National Cybersecurity Levy.
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Nigeria’s Minister of Information and National Orientation, Mohammed Idris informed State House correspondents on Tuesday, after a meeting of the Federal Executive Council (FEC), that the President had instructed the CBN to pause the enforcement and reassess the methods for its application.
The Nigerian Parliament in its own hallowed effort, had directed the country’s apex bank to withdraw the ambiguous circular in existence and issue an unequivocal circular in line with the letters and spirit of the Cybercrimes (Amendment) Act, 2024.
While the House of Representatives mandated its Committees on Banking Regulations and Banking and other Ancillary Institutions to guide the CBN properly, the lawmakers argued that unless immediate pragmatic steps are taken to halt the implementation, the Cybercrime Act shall be implemented in error at a time when Nigerians are experiencing the aftermath of multiple removal of subsidies from petroleum, electricity and others, amid the rising inflation and cost of living.
