Tinubu Halts 0.5% Cybersecurity Fee on Electronic Banking Transactions

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Headline: President Tinubu Suspends Controversial 0.5% Cybersecurity Levy on Electronic Banking Transactions

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President Bola Tinubu has officially suspended the contentious 0.5% cybersecurity levy on electronic banking transactions, following deliberations by members of the Federal Executive Council (FEC), announced Minister of Information and National Orientation Mohammed Idris.

Idris made the announcement at the State House in Abuja after the FEC meeting on Tuesday, stating that the decision reflects the president’s consideration for the concerns of Nigerians.

The levy, initially introduced by the Central Bank of Nigeria (CBN) through a circular issued on May 6, mandated a 0.5 percent cybersecurity levy on electronic transfers, sparking widespread reactions from both institutions and individuals.

Responding to the public outcry, the House of Representatives, on May 9, called for the withdrawal of the directive, citing ambiguity and apprehension among civil society organizations and citizens.

The circular was issued in compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015, and subsequent amendments. It stipulated that a levy equivalent to 0.5 per cent of all electronic transactions’ value be remitted to the National Cybersecurity Fund, administered by the Office of the National Security Adviser. The deducted amount would be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.


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Emman Tochi
Emman Tochihttps://naija247news.com
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

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