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FG confirms suspension of cybersecurity levy

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President Bola Tinubu’s administration has confirmed the suspension of the contentious 0.5% cybersecurity fee on electronic banking transactions.

Mr Idris Mohammed, the Minister of Information while briefing State House newsmen, after a marathon meeting of the Federal Executive Council FEC, presided over by President Bola Tinubu, confirmed the suspension of the cybersecurity levy.

He said President Bola Tinubu has directed the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.

The Minister, while fielding questions from Journalists, said “the matter was discussed at the meeting of FEC” adding that “ the President is not insensitive to the feelings of Nigerians and it was agreed that the policy be suspended while we work out a review of modalities for its implementation”.

NewsBand reported that the CBN on May 6, 2024, issued a circular to concerned financial institutions, informing them of the plan to start implementation of the National Cybersecurity Fund (NCF), which will be administered by the ONSA.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’”, it said.

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