Tinubu Urges Reevaluation Of Cybersecurity Levy, Emphasizing Citizens Economic Well-being

Tinubu Urges Reevaluation Of Cybersecurity Levy, Emphasizing Citizens Economic Well-being

On May 6, 2024, the CBN issued a circular directing banks, mobile money operators, and payment service providers to enforce a new cybersecurity levy, in accordance with the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

However, sources familiar with Tinubu’s stance on the matter informed Punch that the President is opposed to further burdening citizens economically by introducing additional levies.

A high-ranking official in the presidency, who chose to remain anonymous, stated, “The President is attuned to the sentiments of Nigerians. He is reluctant to proceed with implementing a policy that exacerbates the people’s burden.

“Therefore, he has instructed the CBN to pause the implementation of that policy and conduct a comprehensive review. While I might have said he instructed the CBN, it’s not entirely accurate because the CBN operates independently. Nevertheless, he has urged the CBN to put it on hold and reassess the situation.”

Another presidential official pointed out that certain inconsistencies prompted the President to call for a review.

“If you examine the situation, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. Its implementation is only occurring now.

“You understand that he (Tinubu) was not present when that directive was issued. He is keen on avoiding any perception of insensitivity in his administration. Currently, the CBN has suspended the directive to banks to commence charging individuals. Thus, the President is sensitive. His objective is not to indiscriminately tax Nigerians. That is not his intention. Consequently, he has directed a review of the law,” the official elaborated.