President Bola Tinubu has officially suspended the controversial 0.5% cybersecurity levy on electronic banking transactions, bringing relief to Nigerians.

The decision came after deliberations by members of the Federal Executive Council, as confirmed by Minister of Information and National Orientation, Mohammed Idris.

Speaking to State House correspondents after the FEC meeting, Minister Idris announced the suspension, stating, “the cybersecurity levy has been suspended. It is undergoing review. It had been put on hold for now.”

The levy, initially mandated by the Central Bank of Nigeria, required a 0.5% charge on all electronic banking transactions. This move was in response to growing concerns over cyber threats and aligned with the provisions of the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.

However, widespread criticism from businesses and the public prompted the government to reconsider.

Many expressed worries that the levy could exacerbate the economic challenges faced by Nigerians.