Tinubu’s decision to halt the implementation of the cybersecurity levy is a welcome relief for many Nigerians who were concerned about the financial burden it would bring. The introduction of this levy had raised questions about the sensitivity of the present administration towards the struggles of its citizens.
The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.
However, Tinubu’s call for suspension and review shows that the government is willing to listen to the concerns of its people. This decision also highlights the importance of holding leaders accountable and the power of public opinion. It is a reminder that governments should prioritise the well-being of their citizens, rather than imposing additional financial burdens on them.
What does this new development mean to an average Nigerian and businesses?
With this development, we are geared to have more trust and confidence in the present administration as a sign of responsiveness to the concern of the people and commitment to improving the welfare of her people. For businesses, the suspension of the levy means that businesses operating in Nigeria will not have to allocate funds to comply with the new regulation thereby incurring more operational costs and in turn increasing the cost of doing business.
As a business committed to serving our customers whilst ensuring seamless transactions, we are elated about the suspension of the levy and hope the review comes back in favour of our clients and associates.
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