President Bola Tinubu has reportedly directed the Central Bank of Nigeria (CBN) to suspend the implementation of the 0.5% cybersecurity levy policy
The president also orders review of the transaction charges following outcry from concerns Nigerians.
The apex bank on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
Recall that the House of Representatives on Thursday had asked the CBN to suspend the cybersecurity levy, DAILY GIST reports
But the Nigerian senate opposed the stance of the lawmakers in lower legislative chamber
A statement signed by the Chairman of the Senate Committee, Senator Shehu Umar Buba said the levy is provided for in the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act, 2024 passed by the National Assembly and assented to, by President Bola Tinubu.
He clarified that the levy is not punitive as it has numerous exemptions to protect and relieve ordinary citizens, particularly the poor.
According to him, the exemptions include salary payments, intra-account transfers, loan disbursements and repayments, and other financial transactions.
However, sources aware of Tinubu’s position on the issue told The Punch that the President has no interest in increasing the economic burden on the citizenry by introducing more levies.
A senior presidency official who preferred to remain anonymous said, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.
“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again.”
Another presidency official said certain discrepancies prompted the President to order a review.
He said, “If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.
“You know he (Tinubu) was not around when that directive was being circulated. And he does not want to present his government as being insensitive.
As it is now, the CBN has held off the instruction to banks to start charging people. So, the President is sensitive. His goal is not to just tax Nigerians like that. That is not his intention. So, he has ordered a review of that law.”
