- President Tinubu has broken his silence on the recently announced cybersecurity levy on Nigerian bank accounts
- The new levy has been a source of controversy among Nigerians and financial experts who rejected the new tax
- The cybersecurity tax was expected to provide the needed funds for the federal government to tackle cybercrime
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
President Bola Tinubu has instructed the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy.
He has also ordered a review of the policy, which Nigerians and financial experts have widely rejected.
Photo credit: Pius Utomi Ekpei
Source: Getty Images
Cybersecurity levy
Legit.ng reported on May 6, 2024, that the CBN issued a circular mandating all financial institutions, including mobile money operators and payment service providers, to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
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According to the Act, 0.5% of the value of all electronic transactions in the country will be charged.
The collected funds will then be remitted to the National Cybersecurity Fund, which the Office of the National Security Adviser oversees.
Banks were supposed to start implementing the deductions on bank customers’ accounts from May 20, 2024.
FG suspends Cybersecurity levy.
The Punch reports that President Tinubu decided to stop the implementation because of the economic burden the levy could bring to Nigerians.
The report added that the president was not comfortable with the timing of the announcement and has ordered a review.
A source quoted said:
“Tinubu wasn’t present when the directive was circulated, and he wants to avoid portraying his government as insensitive.
“Currently, the CBN has postponed the instruction to banks to begin charging people. This shows the President’s sensitivity; his aim isn’t to burden Nigerians with taxes. Consequently, he has instructed a review of that law.”
Banks expose tricks used by fraudsters
Earlier, Legit.ng reported that Nigerian banks have once again warned customers to be vigilant regarding various fraudsters’ methods.
The latest message is from First Bank of Nigeria, the oldest financial institution in the country.
The combined customer deposits of Nigeria’s biggest banks stand at over N15 trillion.
Source: Legit.ng
