President Bola Ahmed Tinubu has taken a decisive step to alleviate the financial strain on Nigerians by directing the suspension of the cybersecurity levy introduced in the Cybersecurity Act 2015 by the Central Bank of Nigeria (CBN).
Earlier, the CBN had mandated financial institutions to implement the levy, aiming to bolster cybersecurity measures in the country as outlined in the Cybercrime (Prohibition, Prevention, etc.) Act 2015.
However, in a move to prevent further burden on citizens already grappling with economic challenges, President Tinubu intervened, instructing the suspension of the levy’s implementation.
Contrary to earlier reports, Tinubu did not direct the CBN but instead instructed the National Security Adviser to halt the execution of the levy. This decision reflects Tinubu’s commitment to upholding the rule of law and respecting the autonomy of regulatory bodies like the CBN.
“The cybersecurity levy is not a CBN action,” emphasized a presidential source. “It is an action of the NSA.”
Acknowledging the importance of cybersecurity amid rising threats, Tinubu aims to strike a balance between safeguarding national interests and easing the financial burden on businesses and citizens.
While recognizing the noble intent behind the levy, Tinubu underscores the need to fortify Nigeria’s cybersecurity infrastructure to combat evolving threats effectively. Moreover, the levy was intended to support counterterrorism efforts of the federal government.
Tinubu’s decision reflects a thoughtful approach to governance, prioritizing the welfare of citizens while navigating complex policy challenges in the digital age.