The Federal Government has formally put the cyber security levy on hold. It disclosed that the recent suspension of the controversial cyber security levy was effected with a view to reviewing the policy.
The Minister of Information and National Orientation, Mohammed Idris, who gave the clarification at the post-Federal Executive Council newsmen briefing in Abuja on Tuesday, said: “The cyber security levy has been suspended. It is undergoing review. It had been put on hold for now.”
Recall that the Central Bank of Nigeria (CBN) had issued a directive to all banks and financial institutions, mandating the implementation of a cybersecurity levy on all electronic banking transactions.
This new levy, set at 0.5 per cent of the value of every electronic transaction, was introduced in response to the escalating concerns over cyber threats and follows the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.
The apex bank said the measure was crucial for enhancing the security framework of financial operations across the country.
However, the levy drew criticisms from businesses and the public over worries that it could aggravate the already tense economic situation in the country.
