Tinubu ‘suspends’ 0.5 percent cybersecurity levy

President Bola Tinubu has suspended the controversial 0.5 percent cybersecurity levy that has generated groundswell of criticisms from the public.

Mohammed Idris, minister of information and national orientation, announced the suspension of the levy after the federal executive council meeting.

Idris said Tinubu asked the Central Bank of Nigeria (CBN) to review the modalities for its implementation.

TheCornet had reported the CBN’s circular to banks and non-banking platforms to deduct the levy from specific customers’ transactions.

Based on the initial modalities, the banks are to remit the collected revenues into the dedicated National Cybersecurity Fund, kept with the Apex bank.