Presidency Reveals Reason Behind Tinubu's Suspension Of Cybersecurity Levy Implementation

Initially introduced by the Central Bank of Nigeria (CBN), the cybersecurity levy aimed to bolster cybersecurity measures in the country, as mandated by Section 44(2) of the Cybercrime (Prohibition, Prevention, etc.) Act 2015. The levy, imposed on electronic transactions, was intended to contribute to the National Cybersecurity Fund (NCF) under the administration of the Office of the National Security Adviser (ONSA).

However, in response to concerns raised by the public and clarification provided by the Senate Committee on National Security and Intelligence, it became evident that the levy primarily targeted financial institutions and telecoms firms, among others, rather than individual citizens.

Contrary to earlier reports, the Presidency clarified that President Tinubu did not directly instruct the CBN to halt the levy’s implementation. Instead, he directed the National Security Adviser to suspend its execution, respecting the autonomy of the CBN as a regulator.

The source emphasized Tinubu’s consideration of public sentiment, highlighting his reluctance to burden businesses and citizens with additional levies. Despite recognizing the cybersecurity threats facing the nation, Tinubu seeks to ensure that the country develops robust cybersecurity infrastructure while avoiding undue strain on its citizens and businesses.

Furthermore, the cybersecurity levy was designed not only to enhance cybersecurity measures but also to fund federal government counterterrorism efforts. As discussions continue internally within the Office of the National Security Adviser, Tinubu’s decision reflects a balanced approach to addressing cybersecurity concerns while safeguarding the interests of the Nigerian populace.