President Bola Tinubu has formally cancelled the contentious 0.5% cybersecurity charge on electronic bank transactions.
Mohammed Idris, Minister of Information and National Orientation, stated that President Tinubu ordered the suspension after deliberations by members of the Federal Executive Council (FEC).
Idris announced at the State House in Abuja on Tuesday, following the FEC meeting.
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He noted that the cybersecurity levy was fully addressed at the FEC meeting and that the president is sympathetic to Nigerians’ views.
Recall that on May 6, the Central Bank of Nigeria, CBN, issued a circular directing 0.5 per cent ‘Cybersecurity Levy’ deductions from electronic payments.
The circular, issued by Uzoma Efobi, Director of Payment Services, was sent to all banks and payment service providers in the country.
It stated that the deductions would commence within the next two weeks.
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cc: Vanguard Ng
