Tinubu Orders CBN To Suspend Controversial Cybersecurity Levy

President Bola Tinubu has durected the Central Bank of Nigeria to suspend the implementation of the policy.

President Tinubu’s directed was against the backdrop of the backlash that greeted the introduction of the controversial 0.5 cybersecurity levy,

On Thursday, the House of Representatives asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

A source close the Presidency said, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of 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.”

Another source said the president ordered the review of the policy because he did not want his administration to be seen as insensitive.

“If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.

“You know he (Tinubu) was not around when that directive was being circulated. And he does not want to present his government as being insensitive. As it is now, the CBN has held off the instruction to banks to start charging people. So, the President is sensitive. His goal is not to just tax Nigerians like that. That is not his intention. So, he has ordered a review of that law,” the source said.