Tinubu finally speaks out and orders new CBN cybersecurity levy on Nigerian bank accounts

• President Tinubu breaks silence on recently announced cybersecurity tax on Nigerian bank accounts
• The new tax has been a source of controversy among Nigerians and financial experts who have rejected the new tax.
• Cybersecurity tax was expected to provide the federal government with the funding it needs to tackle cybercrime

Legit.ng Journalist Dave Ibemere has over 10 years of business journalism experience and has in-depth knowledge of the Nigerian economy, stocks and general market trends.

President Bola Tinubu has directed the Central Bank of Nigeria to suspend implementation of its controversial cybersecurity tax policy.

He also ordered a review of the policy, which has been widely rejected by Nigerians and financial experts.

cyber security tax

Legit.ng On May 6, 2024, the CBN will require all financial institutions, including mobile money operators and payment service providers, to implement a new cybersecurity levy in accordance with the provisions set forth in Cybercrime (Prohibition, Prevention, etc.) It was reported that a notice had been issued. Amendment) Act of 2024.

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According to the law, 0.5% of the value of all electronic transactions in the country will be levied.

The money raised will be transferred to the National Cybersecurity Fund, overseen by the Office of the National Security Advisor.

Banks were scheduled to start implementing deductions on bank customers' accounts from May 20, 2024.

FG suspends cybersecurity tax.

The Punch reported that President Tinubu decided to halt the implementation of the levy citing the economic burden it could pose to Nigerians.

The report added that the president was not satisfied with the timing of the announcement and had ordered a review.

The cited source said:

“Mr Tinubu was not present when the directive was distributed and the government wants to avoid any appearance of insensitivity.

“Currently, the CBN is postponing instructions to banks to start collecting taxes on the people. This shows the sensitivity of the President. His objective is not to burden Nigerians with taxes. As a result, the President ordered a review of the law.

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Bank reveals fraudsters' methods

Before, Legit.ng Nigerian banks have once again warned their customers to be wary of various scammers' methods.

The latest message comes from First Bank of Nigeria, the country's oldest financial institution.

The combined customer deposits of Nigeria's largest banks exceed N15 trillion.

Source: Legit.ng