President Bola Tinubu has directed the Central Bank of Nigeria to halt the implementation of the 0.5% cybersecurity levy.
Mohammed Idris, Minister of Information and National Orientation, revealed on Tuesday that the presidential directive was issued in response to public outcry over the policy.
Idris stated that President Tinubu has asked the apex bank to temporarily pause the implementation of the cybersecurity levy and review the mechanisms for its application.
Senator Shehu Umar Buba, Chairman of the Senate Committee on National Security and Intelligence, has stated that the cybersecurity levy was not intended to target individuals or bank customers.
The Senator who sponsored the amendment bill told Economic Confidential that the levy was targeted at financial institutions and telecom companies, which are the most vulnerable sectors prone to financial crimes and cyber fraud, to enhance cybersecurity measures and National Security in the country.
He noted that the relevant section of the Cybercrime Act was very clear about the businesses that were required to pay the levy, not the citizens.
“The Act is very explicit about who is responsible for the payment, not Nigerian citizens or individuals. The relevant Section of the Cybercrime Act 2015 listed the businesses required to pay the levy: telecommunications companies, Internet Service Providers, Banks, Insurance Companies, the Nigerian Stock Exchange, and other Financial Institutions,” he said.
