HomeNEWSWhy FG Halted Controversial Cybersecurity Levy on Electronic Banking

Why FG Halted Controversial Cybersecurity Levy on Electronic Banking

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by_Afor Kenneth

The Nigerian government has decided to suspend the contentious cybersecurity levy on electronic banking transactions.

WhatsApp Image 2024 05 15 at 4.43.36 AM

This decision was announced by Mohammed Idris, the Minister of Information and National Orientation, during a briefing with State House Correspondents following the Federal Executive Council (FEC) meeting in Abuja on Tuesday.

Idris mentioned that the policy is currently under review.

“The position of the government is that that policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review. It was reiterated in the council (FEC meeting) yesterday. You know that today’s council (meeting) is a continuation of the council meeting of yesterday,” the minister said.

“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government.”

The Central Bank of Nigeria (CBN) had instructed banks, mobile money operators, and payment service providers on May 6 to enforce the levy outlined in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Under this directive, all electronic transactions were set to incur a levy of 0.5 per cent, with funds to be remitted to the National Cybersecurity Fund under the purview of the Office of the National Security Adviser (NSA).

However, the announcement sparked widespread discontent, leading to demands for its suspension.

Last week, the House of Representatives urged the CBN to retract the circular instructing financial institutions to commence the implementation of the 0.5 per cent cybersecurity levy, citing its ambiguity.

This response came following a motion on the urgent necessity to halt and revise the implementation of the cybersecurity levy, put forth by Kingsley Chinda.

As per the House resolution, the CBN is required to rescind the original circular and issue a more comprehensible directive.

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