The recent suspension of the cybersecurity levy by Bola Tinubu’s administration has elicited mixed reactions from Nigerians.
The Central Bank of Nigeria (CBN) has withdrawn its directive that required banks and payment service providers to collect and remit the cybersecurity levy, as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024.
This development was communicated in a revised circular dated May 17, 2024.
The document, signed by Chibuzor Efobi, Director of Payment Systems Management, and Haruna Mustafa, Director of Financial Policy and Regulation Department, was addressed to commercial banks, payment service providers, non-interest banks, and other relevant entities.
In response to widespread criticisms and complaints from Nigerians, the federal government, through the Minister of Information, announced the suspension of the cybersecurity levy pending a future review.
READ ALSO: CBN Sends Messages to all Banks to Stop Implementation of Cybersecurity Levy
Despite having passed the amendment act that introduced the levy, the federal House of Representatives also called for its suspension.
Critics, particularly from the opposition on social media, have labeled the APC-led administration as “a government of trial and error” in response to the suspension.#nigerians
Here are some tweets from X:
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