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BREAKING: Huge Relief As Federal Executive Council Suspends Cyber Security Levy

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BREAKING: Huge Relief As Federal Executive Council Suspends Cyber Security Levy—The Federal Executive Council has suspended the Cyber Security Levy imposed on Nigerians by the Office of the National Security Adviser through the Central Bank.

This was communicated after the FEC meeting held on Tuesday, May 14, 2024, by the Minister of Information and Culture, Mohammed Idris. This is the first official communication of the government confirming the suspension of the levy.

The controversial levy had been applied to electronic bank transactions in accordance with the provisions of the Cyber Security Act of 2024. Banks were mandated to levy 0.5% on selected electronic bank transactions.

What the Minister is saying

According to the Minister, the controversial levy has been suspended and is undergoing a review. He stated that it was the position of the government to place it on hold.

“The position of the government is that this policy has been suspended, this policy has been put on hold; that is the position of the government for now. It is undergoing some form of review,” said the Minister.

The statement, which was broadcast on Channels TV, did not include further comments from the minister, particularly regarding what review was being carried out and how long it might take.

 

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