In a move to alleviate the burden on Nigerians, President Bola Tinubu has instructed the Central Bank of Nigeria (CBN) to postpone the introduction of the cybersecurity levy on bank transactions.
According to a source, the President is “sensitive to what Nigerians feel” and does not want to proceed with implementing a policy that adds to their burden. The CBN has subsequently held off on instructing banks to start charging customers the levy.
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The cybersecurity levy was enacted in 2015, during the Goodluck Jonathan administration, but was only being implemented now. President Tinubu, who was not in office when the directive was circulated, has ordered a review of the law to ensure that his government is not seen as insensitive to the people’s plight.
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This move demonstrates President Tinubu’s commitment to alleviating the burden on Nigerians and reviewing policies that may have a negative impact. The review of the cybersecurity levy is a welcome development for many Nigerians who were concerned about the additional financial burden it would have placed on them.