President Bola Tinubu has directed the Central Bank of Nigeria, CBN, to halt the implementation of the 0.5 per cent cybersecurity levy.
This news was announced on Tuesday, May 14 by the Minister of Information and National Orientation, Mohammed Idris.
Idris had made this revelation while speaking to State House correspondents.
According to the Minister, President Tinubu had called for the suspension after several deliberations were held by the members of the Federal Executive Council, FEC.
Why It Matters
This decision by President Bola Tinubu to suspend the 0.5% cybersecurity levy shows that he’s taking into account the concerns of businesses and the general public who are finding it hard to make ends meet on a daily.
It also shows a commitment to balancing out, the cybersecurity needs with economic growth, and to making decisions based on discussions among government officials.
Bottom Line
Overall, from a political standpoint, Tinubu’s latest declaration reflects a willingness to adjust policies to support both cybersecurity and the economy in Nigeria but how long will the levy be suspended before it takes effect?
