President Tinubu Suspends Cybersecurity Levy

President Bola Tinubu has ordered the Central Bank of Nigeria to suspend the 0.5 percent cybersecurity levy following public backlash and opposition to its implementation.

Minister of Information and National Orientation, Mohammed Idris, announced the suspension on Tuesday.

Idris stated that President Tinubu instructed the CBN to temporarily halt the enforcement of the cybersecurity levy and to review its application methods.

Last Thursday, members of the House of Representatives requested the CBN withdraw the circular that directed financial institutions to implement the 0.5 percent cybersecurity levy, describing it as “ambiguous.”

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