WHY TINUBU SUSPENDED CYBERSECURITY LEVY IMPLEMENTATION—PRESIDENCY SOURCE REVEALS

Babatunji Wusu –

President Bola Ahmed Tinubu has ordered the suspension of the cybersecurity levy implementation stipulated in the Cybersecurity Act 2015, which was unveiled by the Central Bank of Nigeria (CBN).
The President made this decision to avoid burdening residents who were already experiencing financial difficulties.

The CBN issued an implementation guidance to all commercial, merchant, non-interest, and payment service banks, other financial institutions, mobile money operators, and payment service providers for the collection and remittance of the national cybersecurity levy.

Section 44(2) of the Cybercrime (Prohibition, Prevention, etc.) Act 2015 states that the directive aims to improve Nigeria’s cybersecurity measures.

According to the source, Tinubu, who values the rule of law and recognizes the CBN’s autonomy, simply instructed the National Security Adviser to halt the directive’s enforcement.

The source, who pleaded anonymity, said, “The cybersecurity levy is not a CBN action. CBN only issued circular to banks to commence implementation as a regulator. It is an action of the NSA.

“The directive to stop implementation is to ONSA. There will be internal communication between ONSA on how to carry out the presidential directive.”

The source said Tinubu was not insensitive to public opinion, “which informed why he does not want to overburden businesses and citizens with extra levy.

“Though the intention of the law is good and what it seeks to achieve with heightened cybersecurity threats, it is important as a country we have capability to build strong firewalls around the nation’s database and government and corporate organisations’ online infrastructure against hackers.

“The levy is also designed to fund counterterrorism efforts of the federal government.”