ABUJA, Nigeria
Nigeria government has decided to suspend the proposed cybersecurity levy on domestic money transfers.
Information Minister Mohammed
Idris (pictured above) announced, adding that "The implementation has been directed by the
government to be put on hold.", according to a local media.
"The new levy was planned
as authorities clamp down on cryptocurrency, which they have blamed for
Nigeria's currency weakness," Idris explained.
"The cybersecurity tax
policy implementation has been directed by the government to be put on hold, so
it has been suspended," reiterated Idris.
Civil society groups had
earlier kicked against the introduction of the levy. The Nigerian Economic
Summit Group (NESG) on Thursday, May 9 expressed concerns about the timing of
the recently introduced 0.5 per cent cybersecurity levy on electronic transactions
by the Central Bank of Nigeria (CBN).
Subsequently, the Central Bank
of Nigeria (CBN) on Monday was reported to have issued a circular to various
financial institutions, including commercial, merchant, non-interest, and
payment service banks, announcing the cybersecurity levy.
The NESG, in a statement,
urged the federal government to reconsider the levy due to concerns over
multiple taxation and inflationary pressures burdening Nigerians.
The group pointed out that,
amidst escalating inflation and financial exclusion, the timing of the
cybersecurity levy is inappropriate given the current cost of living crisis and
increased currency circulation.
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