President Bola Tinubu has officially suspended the controversial 0.5% cybersecurity levy on electronic banking transactions.
Minister of Information and National Orientation Mohammed Idris said President Tinubu ordered the suspension following deliberations by members of the Federal Executive Council (FEC).
Idris disclosed this at the State House in Abuja on Tuesday after the FEC meeting.
He added that the cybersecurity levy was thoroughly discussed at the FEC meeting, and that the president is not insensitive to the feelings of Nigerians.
Recall that in a circular issued on May 6, the Central Bank of Nigeria, CBN, directed 0.5 percent ‘Cybersecurity Levy’ deductions on electronic transfers.
The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in the country.
It noted that the deductions will begin “from the next two week”.
Vanguard
