The Federal Government has announced the suspension of the controversial cybersecurity levy on electronic banking transactions. This was disclosed by Nigeria’s Minister of Information and National Orientation, Mohammed Idris while briefing State House Correspondents following the Federal Executive Council (FEC) meeting at the State House in Abuja on Tuesday.
Channels TV reports that Idris stated that the policy is currently under review.
“The position of the government is that that policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review. It was reiterated in the council (FEC meeting) yesterday. You know that today’s council (meeting) is a continuation of the council meeting of yesterday,” he said.
The minister confirmed that the cybersecurity levy is being reviewed by the government to address any concerns.
“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government,” Idris added.
This development follows widespread criticism and debate regarding the impact of the levy on electronic banking transactions. The review aims to reassess the policy’s implications and ensure that it aligns with the country’s broader cybersecurity and economic goals.