Federal Executive Council suspends cyber security levy, to undergo “some form of review”

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President Bola Ahmed Tinubu

The Federal Executive Council has suspended the Cyber Security Levy imposed on Nigerians by the Office of the National Security Adviser through the Central Bank.

This was communicated after the FEC meeting held on Tuesday, May 14, 2024, by the Minister of Information and Culture, Mohammed Idris. This is the first official communication of the government confirming the suspension of the levy.

The controversial levy had been applied to electronic bank transactions in accordance with the provisions of the Cyber Security Act of 2024. Banks were mandated to levy 0.5% on selected electronic bank transactions.

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