The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions.

Nigeria’s Minister of Information and National Orientation Mohammed Idris revealed this while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the State House in Abuja.

He said the policy is undergoing a review.

“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 repeated in the council meeting. You know that today’s council (meeting) is a continuation of the council meeting of yesterday,” the minister said.

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

The apex bank had on May 6 instructed banks, mobile money operators, and payment service providers to execute the levy as contained in the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024.

With the turn of events, all electronic transactions were supposed to draw in a levy of 0.5 per cent. The money was to be remitted to the National Cybersecurity Fund (NCF) overseen by the Office of the National Security Adviser (NSA).

Nonetheless, the move was greeted with outrage, inciting calls for its suspension.

Last week, the House of Representatives requested that the CBN pull out the circular guiding financial institutions to commence execution of the 0.5 per cent cybersecurity levy, portraying it as “ambiguous”.

The development was in response to a motion on the earnest need to end and modify the execution of the cybersecurity levy moved by Kingsley Chinda.

As indicate by Green House, the apex bank is to pull out the initial circular, and “issue a more reasonable one”.

#Naira, #Wike, #DubaiLeaks, #PresidentCyrilRamaphosa, #BurnaBoy, #OrlandoStadium, #Portable, #NationalHealthInsurance, #Bill, #KingCharles, #PortHarcourt, #Rufai, #SenzoMeyiwaTrial