Premium News
TINUBU DIRECTS CBN TO SUSPEND IMPLEMENTATION OF CYBERSECURITY LEVY
The president of Nigeria, Ahmed Bola Tinubu has informed the Central Bank Of Nigeria(CBN) to suspend the implementation of the Cyber security Levy policy. The president also ordered a review of the policy, which a large number of financial experts rejected.
Recall that on Monday, 6th of May, The CBN issued out circular imperative order mandating that all Financial institutions in the State, including money Operators and payment service providers, carry on with the new cyber security Levy following the provisions detailed in the Cybercrime( Prohibition, Prevention, etc)(Amendment)Act 2024.
According to the Act, it was slated that a supposed fee of 0.5% of the value of all electronic transactions in the country would be charged.
The collected charges will then be wired to the National Cyber Security Fund, which the office of the National Security Advisers oversees.
However, the Bank and other money provider Services were supposed to start implementing the new policy on its customers from the 20th of May, 2024.
The implementation was suspended because of the economic burden and pressure it would be on Nigerians.
A report also made it known that President Ahmed Bola Tinubu wasn’t comfortable with the sudden announcement and timing of the new Policy and has requested a review.
“Tinubu wasn’t present when the directive was circulated, and he wants to avoid portraying his government as insensitive.
“Currently, the CBN has postponed the instruction to banks to begin charging people. This shows the President’s sensitivity; his aim isn’t to burden Nigerians with taxes. Consequently, he has instructed a review of that law.” A source quoted.
