President Bola Tinubu has instructed the Central Bank of Nigeria to suspend the implementation of the 0.5 percent cybersecurity levy in response to public backlash and opposition following its announcement.
Minister of Information and National Orientation, Mohammed Idris, disclosed the suspension of the levy on Tuesday.
Idris stated that President Tinubu has directed the CBN to temporarily halt the enforcement of the 0.5 percent cybersecurity levy and to review the methods for its application.
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Members of the House of Representatives last Thursday asked the CBN to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.
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