Tinubu Suspends Cybersecurity levy

Following deliberations by members of the Federal Executive Council (FEC), President Bola Tinubu has announced the suspension of the controversial 0.5% cybersecurity fee on electronic banking transactions.

The Minister of Information and National Orientation Mohammed Idris made the announcement at the State House in Abuja after Tuesday’s FEC meeting.

Recall that the CBN had announced that the levy would kick off by the end of the month in addition to previous bank charges.

The levy had caused an uproar with many pondering the extended effects on Nigerians who are already dealing with the current economic situation.

The House of representatives had also called halted the levy. The President has now confirmed the action.