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  • News - North Central - FCT
  • Updated: May 14, 2024

FG suspends controversial cybersecurity levy, initiates review

FG suspends controversial cybersecurity levy, initiates revi

The Minister of Information, Mohammed Idris, has announced the Federal Government's suspension of the controversial 0.5% cybersecurity levy on electronic banking transactions.

The Minister disclosed this on Tuesday after the two-day Federal Executive Council, FEC, Meeting presided over by President Bola Ahmed Tinubu.

Idris explained that following the suspension, the Federal Government is currently reviewing the decision.

He said: "The cybersecurity levy has been suspended. It is undergoing review. It had been put on hold for now.”

Allnews.ng recalls that the Central Bank of Nigeria, CBN, had issued a directive to banks and other financial institutions to imitate the 0.5% cybersecurity levy on all electronic banking transactions.

The policy received wide condemnation among Nigerians, including opposition parties and the Nigerian Labour Congress, NLC. 

The CBN had emphasized the need for implementation of the policy, noting that it will enhance the security framework of financial operations in Nigeria.

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