The Minister of Information and National Orientation Mohammed Idris has confirmed the Federal Government’s decision to suspend the controversial cybersecurity levy on electronic banking transactions.
The Minister confirmed the development on Tuesday while briefing reporters at the end of the Federal Executive Council (FEC) meeting in Abuja.
Recall that the Central Bank of Nigeria (CBN) had on the 6th of May mandated banks, mobile money operators, and payment service providers to implement the levy as contained in the Cybercrime (Prohibition, Prevention (Amendment) Act 2024.
With the development, all electronic transactions were expected to attract a levy of 0.5 per cent. The money was to be remitted to the National Cybersecurity Fund overseen by the Office of the National Security Adviser (NSA).
However, the move was greeted with outrage, prompting calls for its suspension.
In the past week, the House of Representatives asked the CBN to withdraw the circular; sighting ambiguity in the directive
The development was in response to a motion on the urgent need to halt and modify the implementation of the Cyber-security Levy moved by Kingsley Chinda.