The Central Bank of Nigeria (CBN) is expected to direct banks to suspend the implementation of the Cybersecurity Levy, which was scheduled to begin on Monday. This decision follows public outcry since the CBN circular regarding the levy was issued.
According to a Presidency source, the President, sensitive to the economic conditions faced by Nigerians, would not allow anything that would further stress the citizens. The implementation of the levy is reportedly an Office of the National Security Adviser (ONSA) affair, with the CBN playing an intermediary role.
The source clarified that the President did not order the CBN to stop the implementation but rather decided to halt it to avoid burdening Nigerians further. The CBN is expected to issue an order for banks to ignore the implementation directive this week.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, noted that the Cybersecurity Levy originated from a 2015 law, which his committee is working on as part of its mandate to review and amend old laws.
Senate Chief Whip Ali Ndume commended President Tinubu for listening to Nigerians' complaints and halting the implementation of the levy. He stated that this decision allows for a reevaluation of the Act.
