Nigerian government suspends cybersecurity tax following outrage by citizens

Following outcries by many citizens, the Nigerian government has put a hold on the newly introduced cybersecurity tax on banking transactions. The president, according to the minister of information, has directed the Central Bank of Nigeria (CBN) to review the modalities for its implementation…

The Nigerian government has suspended a planned tax on electronic banking transactions following widespread outrage by the citizens.

The suspension of the levy was announced by Information Minister Mohammed Idris after the Federal Executive Council meeting in the nation’s capital, Abuja.

The Central Bank of Nigeria (CBN) had earlier informed financial institutions to charge 0.5% of the value of electronic transfers to raise money to strengthen cybersecurity in the country.

While speaking on the newly introduced levy, the information minister said, “The cybersecurity tax policy implementation has been directed by the government to be put on hold, so it has been suspended.”

He added that President Tinubu has directed the Central Bank of Nigeria (CBN) to review the modalities for its implementation.

The levy, which was to start in two weeks, sparked reactions and protests among many Nigerians who are struggling with high inflation, the surging cost of fuel, and the electricity tariff.

However, Mr Idris stated that the president was sensitive to Nigerians’ feelings.

The West African country is undergoing its worst economic crisis in a decade, and many people believe the tax would exacerbate their hardship as they struggle to meet their basic responsibilities.