Inside Source Exposes Reasons For Tinubu’s Decision To Halt Cybersecurity Levy Implementation, Presidency Discloses

Inside Source Exposes Reasons For Tinubu’s Decision To Halt Cybersecurity Levy Implementation, Presidency Discloses....KINDLY READ THE FULL STORY HERE▶

President Bola Ahmed Tinubu has recently ordered the suspension of the implementation of the cybersecurity levy outlined in the Cybersecurity Act 2015, as unveiled by the Central Bank of Nigeria (CBN). This decision was made to alleviate the burden on citizens already grappling with economic challenges.

Previously, the CBN had issued implementation guidelines to various financial institutions, including banks and mobile money operators, regarding the collection and remittance of the national cybersecurity levy, as mandated by Section 44(2) of the Cybercrime (Prohibition, Prevention, etc.) Act 2015. The aim was to enhance cybersecurity measures in Nigeria by imposing a levy on electronic transactions, with the proceeds allocated to the National Cybersecurity Fund (NCF) under the Office of the National Security Adviser (ONSA).

However, Senator Shehu Buba, chairman of the Senate Committee on National Security and Intelligence, clarified that the cybersecurity levy was not intended for individuals but rather targeted financial institutions and telecoms firms, among others.

Contrary to earlier reports, presidential sources revealed that President Tinubu did not direct the CBN to halt the implementation of the cybersecurity levy. Instead, he instructed the National Security Adviser to suspend its execution while respecting the autonomy of the CBN. The decision was motivated by Tinubu’s consideration for public opinion and his desire not to further burden businesses and citizens with additional levies.

The cybersecurity levy, while aiming to bolster cybersecurity defenses against increasing threats, also intends to fund counterterrorism efforts of the federal government. Despite the postponement, efforts to fortify the nation’s digital infrastructure against cyber threats remain a priority.

In other news related to Tinubu, he has congratulated Mahamat Deby, the President-elect of Chad, and faces legal challenges regarding the cybersecurity levy from organizations like SERAP and BudgIT.

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