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Nigeria suspends cybersecurity levy
Nigeria’s President, Bola Tinubu has suspended the implementation of a proposed 0.5 percent cybersecurity levy.
The decision comes amidst backlash following the announcement of the levy last week.
The central bank directed all banks and mobile money operators to charge 0.5% of the value of domestic electronic transfers as a cybersecurity levy to fund government activities to curb illegal cyber activities.
The levy was expected to be implemented in two weeks to clamp down on cryptocurrency which authorities have blamed for the weakening of the country’s currency, the Naira but was met with stiff opposition by sections of the public.
Minister of Information and National Orientation, Mohammed Idris, announced the retraction of the levy on May 14.
"The cybersecurity tax policy implementation has been directed by the government to be put on hold, so it has been suspended,” he said.
Earlier, local media Punch reported that Members of the House of Representatives on May 9, asked the Central Bank Nigeria to withdraw the circular directing financial institutions to begin the implementation of the 0.5 percent cybersecurity levy, describing it as “ambiguous”.
