The Nigerian government’s decision to suspend the implementation of the Cybersecurity Levy, following widespread backlash from citizens, was disclosed by Minister of Information and National Orientation, Mohammed Idris. He made the announcement during a briefing with State House Correspondents after the Federal Executive Council (FEC) meeting in Abuja.

Idris emphasized that the policy was under review and had been temporarily halted. The controversial levy, which mandated banks, mobile money operators, and payment service providers to impose a 0.5 per cent levy on all electronic transactions, had been met with vehement opposition from the public.

The Central Bank of Nigeria (CBN) had initially directed financial institutions to enforce the levy in accordance with the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. However, the move sparked outrage, leading to calls for its suspension. In response to mounting pressure, the House of Representatives urged the CBN to withdraw the directive, citing its ambiguity. Representative Kingsley Chinda spearheaded the motion, emphasizing the need for clarity and modification in the implementation process.

As a result, the government pledged to reassess the levy and its implications, signaling a temporary reprieve for electronic transactions in the country. The decision underscored the importance of public feedback and legislative oversight in shaping policy initiatives.