Cybersecurity Levy Suspended By Federal Executive Council

The Federal Executive Council has just suspended the Cybersecurity Levy that was imposed on Nigerians by the Office of the National Security Adviser through the Central Bank of Nigeria (CBN).

Minister of Information and National Orientation Mohammed Idris said President Tinubu ordered the suspension following deliberations by members of the Federal Executive Council (FEC).

This was communicated after the FEC meeting held on Tuesday, May 14, 2024.

CBN had, on May 6, mandated banks, mobile money operators, and payment service providers to implement the levy as contained in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Consequently, all electronic transactions were expected to attract a levy of 0.5 per cent. The money was to be remitted to the National Cybersecurity Fund overseen by the Office of the National Security Adviser (NSA).

The move was criticised which prompted for its suspension. At that, the House of Representatives 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”. CBN is to withdraw the initial circular, and issue a more understandable one.

The Minister of Information and National Orientation, Mohammed Idris while briefing the press after the Federal Executive Council (FEC) meeting in Abuja on Tuesday stated thus:

“The position of the government is that that policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review. It was reiterated in the council (FEC meeting) yesterday. You know that today’s council (meeting) is a continuation of the council meeting of yesterday.”

“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government.”