In a decisive move, President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the contentious cybersecurity levy policy and initiate a comprehensive review.
This action comes in response to mounting concerns raised by the House of Representatives, which passed a resolution urging the CBN to revoke its recent circular mandating a 0.5% cybersecurity tax on all electronic transactions nationwide.
The CBN's circular, issued on May 6, 2024, under the provisions of the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024, had sparked widespread debate and opposition. An official source from the presidency, speaking anonymously due to authorization constraints, highlighted President Tinubu's intention to ensure fairness and sensitivity in governance.
"The President was not in office when this directive was conceived," the official noted. "He does not intend to burden Nigerians unnecessarily with taxes.
Therefore, he has instructed a thorough review of the cybersecurity levy law, which predates his administration."
Acknowledging the public outcry and the legislative pushback, the President's directive signals a strategic pause in the implementation of the cybersecurity levy, underscoring his administration's commitment to responsive governance and prudent policy measures.
