President Bola Tinubu has directed the Central Bank of Nigeria to halt the enforcement of the 0.5 percent cybersecurity levy due to the strong public criticism and opposition it has faced subsequent to its declaration.
Mohammed Idris, the Minister of Information and National Orientation, announced the levy’s suspension on Tuesday.
Read Also:
According to Idris, President Tinubu has given the CBN instructions to review the procedures for applying the 0.5% cybersecurity levy and to temporarily stop enforcing it.
The CBN was urged to revoke the circular directing financial institutions to start implementing the 0.5% cybersecurity levy last Thursday by members of the House of Representatives, who deemed it to be “ambiguous.”
More Details later
