Tinubu Speaks On New Cybersecurity Levy, Sends Message To CBN On Next Step

Tinubu Speaks On New Cybersecurity Levy, Sends Message To CBN On Next Step....KINDLY READ THE FULL STORY HERE▶

President Bola Tinubu has called for the Central Bank of Nigeria (CBN) to halt the enforcement of the contentious cybersecurity levy policy and has demanded a reassessment. Naija News reveals that the House of Representatives recently urged the CBN to retract its directive instructing all banks to initiate a 0.5 percent cybersecurity levy on electronic transactions nationwide.

Sources familiar with Tinubu’s stance on the matter informed Punch that the President is not inclined to exacerbate the financial strain on citizens by introducing additional levies.

A senior official within the presidency, speaking on condition of anonymity, stated, “The President is attuned to the sentiments of Nigerians. He is unwilling to proceed with implementing a policy that further burdens the populace.”

They continued, “Thus, he has requested the CBN to postpone the policy and conduct a review. While it wouldn’t be accurate to say he directly ordered the CBN, given its autonomy, he has urged them to halt and reconsider.”

Another presidency official cited discrepancies as the impetus behind the President’s call for a review.

“If you examine it, the law predates the Tinubu administration, originating in 2015 under Goodluck Jonathan’s tenure. It is only now being enforced. Tinubu wasn’t in office when this directive circulated. He doesn’t wish to project his government as indifferent to public concerns. As it stands, the CBN has deferred instructing banks to levy charges. The President is mindful; his aim isn’t to indiscriminately tax Nigerians. Hence, he has mandated a review of the law,” the official explained.

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