President Bola Tinubu has urged the Central Bank of Nigeria (CBN) to halt the enforcement of the controversial cybersecurity levy and initiate a thorough reassessment.
Sources familiar with Tinubu’s stance on the matter disclosed to Sunday PUNCH that the President acknowledged the financial strain on Nigerians amidst his stringent economic policies initiated last May. Tinubu aims to alleviate the burden on citizens and avoid further imposition of levies.
A senior official from the presidency, speaking on condition of anonymity, emphasized Tinubu’s sensitivity to public sentiment, stating, “The President is keenly aware of the citizens’ concerns. He is hesitant to implement policies that exacerbate their challenges.”
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Another anonymous official highlighted the need for a review, citing disparities in the law’s origin predating Tinubu’s tenure. The official explained, “The directive originated in 2015, during Goodluck Jonathan’s administration. Tinubu aims to ensure his government is perceived as considerate.”
The House of Representatives’ recent directive, urging the CBN to retract its circular mandating a 0.5 per cent cybersecurity levy on electronic transactions, further influenced Tinubu’s decision.
The CBN’s circular, issued on May 6, 2024, mandated financial institutions to levy 0.5 per cent on electronic transactions, with proceeds directed to the National Cybersecurity Fund. However, the implementation raised concerns about its potential impact on business operations and digital transaction adoption in Nigeria.
