President Bola Tinubu has requested that the Central Bank of Nigeria suspend the controversial cybersecurity levy policy and conduct a review.
Sources with knowledge of Tinubu’s position on the issue told Sunday PUNCH that the President was aware of the economic burden on Nigerians.
A top presidency official, who preferred not to be identified, told PUNCH’s correspondent,
“The President is sensitive to Nigerian sentiment. And he will not want to pursue a programme that increases the burden on 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.”
This development followed the House of Representatives resolution last Thursday to request that the CBN rescind it’s circular mandating all banks to charge a 0.5% cybersecurity tax on all electronic transactions in the country.
On May 6, 2024, the CBN issued a circular forcing all banks, mobile money operators, and payment service providers to impose a new cybersecurity levy.
According to the Act, a charge of 0.5% of the value of all electronic transactions would be collected and sent to the National Cybersecurity Fund, which is managed by the Office of the National Security Adviser.
Financial institutions must collect the charge at the moment of electronic transfer origination.