Breaking News: Tinubu Suspends Controversial Cybersecurity Levy

Breaking News: Tinubu Suspends Controversial Cybersecurity Levy

In a move that will come as a relief to many Nigerians, President Bola Tinubu has ordered the suspension of the 0.5% cybersecurity levy that was introduced by the Central Bank of Nigeria (CBN) on May 6, 2024.

The levy, which was met with widespread criticism and backlash from Nigerians, was intended to collect 0.5% of the value of all electronic transactions to fund national cybersecurity efforts. However, many felt that the government was not sensitive to their plight and that the levy would only add to their financial burdens.....CLICK HERE TO READ FULL DETAILS

The House of Representatives also weighed in on the issue, asking the CBN to withdraw the directive to all banks on the controversial levy.

The suspension of the levy was announced on Tuesday by the Minister of Information and National Orientation, Mohammed Idris, and is a welcome development for many who felt that the levy was an unnecessary burden.

The levy was part of the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024, which aimed to improve national cybersecurity. However, the implementation of the levy was widely criticized, and its suspension is a sign that the government is listening to the concerns of its citizens.

This development is a significant win for Nigerians who felt that the levy was unfair and unnecessary. It remains to be seen what alternative measures the government will put in place to address national cybersecurity concerns...CLICK HERE TO READ NEW ARTICLES

What do you think about the suspension of the cybersecurity levy? Share your thoughts in the comments!

Source: Dailypost 

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