President Bola Tinubu has suspended the implementation of a 0.5 per cent Cybersecurity Levy proposed by the National Security Adviser, Nuhu Ribadu, to help fund the National Security Fund.
Following a wave of public disapproval, the Minister of Information and National Orientation, Mohammed Idris, announced the suspension of the 0.5 per cent Cybersecurity Levy after Tuesday’s Federal Executive Council meeting in Abuja.
The position of the Federal Government, from the Federal Executive Council (FEC) meeting of yesterday and today, is that the cybersecurity levy has been suspended. It will undergo a review.
— Mohammed Idris, FNIPR (@HMMohammedIdris) May 14, 2024
This decision was made in light of a review of the levy’s implementation modalities.
He stated that the levy was discussed with the President, noting he is not insensitive to Nigerians’ pleas.
Recall that on May 6, 2024, the Central Bank of Nigeria, in a circular, issued a directive mandating commercial banks to charge customers a 0.5% deductible levies to help fund the National Cybersecurity Fund for the Office of the National Security Adviser (ONSA) to the President for tackling counter-terrorism.
Also, on May 9, the House of Representatives asked the CBN to withdraw the directive.
The retraction was mandated by the House of Representatives members following a plenary in which a resolution was adopted, sponsored by minority leader Kingsley Chida, among 359 others.
This act led to apprehension as civil society organisations and citizens have taken to conventional and social media to call out the Federal Government and give ultimatums for a retraction, said Chida.
The lawmakers also stressed that imposing this levy on Nigerians amidst economic challenges, including subsidy removals and rising inflation, would only increase the populace’s financial burden.
Meanwhile, the ONSA has a stipulated budget of N259,654,027,708 under the 2024 Appropriation Bill to tackle cybercrime in Nigeria.
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