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Home | Tinubu Suspends Controversial Cybersecurity Levy, Orders Review

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Tinubu Suspends Controversial Cybersecurity Levy, Orders Review

Tapre Timine
Tapre Timine
Published: June 15, 2025
Last updated: June 15, 2025
1 Min Read
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President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.

Tinubu’s decision follows the House of Representatives’ request to the CBN to withdraw its circular, which mandated all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy.

It followed the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

READ ALSO:CBN Directs POS Owners to Register with CAC

The circular was issued on May 6, 2024, and required a 0.5 per cent levy on all electronic transactions, sparking varied reactions among stakeholders.

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The levy was intended to support the National Cybersecurity Fund, overseen by the Office of the National Security Adviser, but raised concerns about increasing the cost of doing business in Nigeria and potentially hindering digital transaction growth.

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